Nigeria: Apex bank injects $210m into foreign exchange market

APA – Lagos (Nigeria)

The Central Bank of Nigeria (CBN) has injected $210 million into the inter-bank Foreign Exchange Market.

The figures released by the CBN on Tuesday in Abuja showed that the authorized dealers in the wholesale segment of the market were offered $100million, while the Small and Medium Enterprises (SMEs) segment received $55 million.

Similarly, the customers requiring foreign exchange for invisibles such as tuition fees, medical payments and Basic Travel Allowance (BTA), among others, were also allocated $55 million.

The Bank’s Director in charge of Corporate Communications Department, Mr. Isaac Okorafor, who confirmed the figures, reiterated the Bank’s commitment to continue support interbank foreign exchange market to ensure economic growth.

In the last intervention on Friday, June 14, 2019, the Bank injected $256.4 million and CNY37.4 million into the Retail Secondary Market Intervention Sales (SMIS) segment.

Meanwhile, the Naira on Tuesday, June 25, 2019, exchanged at an average of N362 to the dollar in the Bureau De Charge segment of the market.


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