Forex Market lifted with $210m CBN injection

PRESS RELEASE— The Central Bank of Nigeria (CBN) has made available the sum of $210million, to meet customers’ requests in various segments of the foreign exchange market.
The CBN, in its quest to meet demands in the various segments of the market offered $100million to authorized dealers in the wholesale segment of the market, while the Small and Medium Enterprises (SMEs) segment got boosted with the sum of $55 million. According to figures obtained from the Bank on Tuesday, June 26, 2018, customers requesting 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.
It will be recalled that the Bank last Thursday, June 20, 2018 intervened to the tune of $210 million to cater for requests in the wholesale segment of the forex 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, June 26, 2018.