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CBN lifts forex market with $210m injection

CBN lifts forex market with $210m injection

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The Central Bank of Nigeria (cbn) yesterday injected $210 million into the interbank foreign exchange market.

The forex injection is in line with cbn’s desire to ensure liquidity in the foreign exchange market in order to meet customers’ requests in various segments of the market.

CBN’s figures showed that the the apex bank offered $100 million to authorised dealers in the wholesale segment of the market, while the Small and Medium Enterprises (SMEs) segment received the sum of $55 million. Customers requiring 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.

The bank’s Acting Director, Corporate Communications Department (CCD), Isaac Okorafor, confirmed the figures and reassured the public that the bank would continue to intervene in the interbank foreign exchange market in line with its quest to sustain liquidity in the market and maintain stability.

It will be recalled that last Friday, June 29, 2018, the CBN had intervened to the tune of $318.73 million to cater for requests in the retail 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, July 3.

The post CBN lifts forex market with $210m injection appeared first on The Nation Nigeria.

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