CBN boosts forex market with $210 million

Tribune Online
CBN boosts forex market with $210 million

Central Bank of Nigeria (CBN) Tuesday boosted the interbank segment of the foreign exchange market with an infusion of $210 million following sales concluded.

Figures obtained from the CBN indicated that authorized dealers in the wholesale segment of the market were again offered the sum of $100million, while the Small and Medium Enterprises (SMEs) window received the sum of $55 million. The sum of $55 million was equally allocated to customers requiring foreign exchange for invisibles such as tuition fees, medical payments and Basic Travel Allowance (BTA), among others.

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The Director, Corporate Communications Department at the CBN, Mr Isaac Okorafor, confirmed the sales, just as he reaffirmed the Bank’s commitment towards sustaining the level of stability in the foreign exchange market.

It will be recalled that at the last intervention on Friday, July 12, 2019, the Bank injected the sum of $298.7million and CNY39.6million into the Retail Secondary Market Intervention Sales (SMIS) segment.

Meanwhile, the rate of exchange between the Naira and the United States dollars in the BDC segment of the market on Tuesday, July 16, 2019, was N360/$1.

CBN boosts forex market with $210 million
Tribune Online