Forex Market gets CBN’s $210 million boost

The inter-bank Foreign Exchange Market has received the sum of $210 million from the Central Bank of Nigeria (CBN), to meet customers’ requests in various segments of the market.

Specifically, the CBN offered $100 million to authorized dealers in the wholesale segment of the market, while the small and medium enterprises (SMEs) segment got the sum of $55 million, according to figures obtained Tuesday, July 10, 2018. The figures also indicated that customers needing foreign exchange for invisibles such as tuition fees, medical payments and basic travel allowance (BTA), among others, were also allocated the sum of $55 million.

Isaac Okorafor, CBN acting director, corporate communications department (CCD), assured Nigerians that the bank would continue to intervene in the interbank foreign exchange market in line with its pledge to sustain liquidity in the market and maintain stability.

According to Okorafor, the CBN will not renege on its promise to manage the forex with a view to reducing the country’s import bills and halting depletion of its foreign reserves.

Last Tuesday, July 03, 2018, the CBN intervened to the tune of $210.0 million, to cater for requests in the wholesale segment of the market.

Meanwhile, the naira continued its stability in the FOREX market, exchanging at an average of N360/$1 in the BDC segment of the market on Tuesday, July 10, 2018.