Nigerian central bank injects $210m into foreign exchange market

APA – Lagos (Nigeria)

The Central Bank of Nigeria (CBN) has provided $210 million to support the activities in the inter-bank Foreign Exchange Market (Forex).

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

The sum of $55 million was allocated to customers requiring foreign exchange for invisibles such as tuition fees, medical payments and Basic Travel Allowance (BTA), among others.

The Director, Corporate Communications Department of the CBN, Mr. Isaac Okorafor, said that the effort of the apex bank had continued to stabilize the foreign exchange market, as it has sustained the level of confidence investors and the public have in the local currency, the Naira.

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

Meanwhile, the Naira on Tuesday, June 18, 2019, exchanged at an average of N362 to the dollar in the Bureau De Change segment of the market. 


React to this article