Money

CBN Boosts Forex Market With $210m

 

Nigeria’s apex bank, the Central Bank of Nigeria (CBN) on Wednesday injected the sum of $210million into the interbank foreign exchange market.

According to figures released by the Bank shows that it offered the sum of $100million to the wholesale segment, while the Small and Medium Enterprises (SMEs) segment received the sum of $55 million. Similarly, the invisibles segment, comprising tuition fees, medical payments and Basic Travel Allowance (BTA), among others, also received a $55 million boost.

The Director, Corporate Communications at the CBN, Mr. Isaac Okorafor, while confirming the figures, said the CBN was pleased with the state of the Forex market, adding that the Bank will continue to intervene in order to sustain the liquidity in the market and guarantee the international value of the naira.

He said the Bank was determined to achieve its objective of exchange rate stability, thus the continued injection in the foreign exchange market. According to him, the level of transparency in the market was also a confidence boost for the market.

The CBN had in November 16, 2018, injected the sum of $318.03m and CNY 62.18m into the Retail Secondary Market Intervention Sales (SMIS).

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