25 April 2019

Nigeria: CBN Injects $210 Million in Inter-Bank Forex Market

The Central Bank of Nigeria (CBN) on Wednesday gave $210million to the inter-bank foreign exchange market.

The injection of the funds is part of efforts by the bank to sustain liquidity in that segment of the market.

The spokesperson of the CBN, Isaac Okorafor, said the provision of the funds was also in continuation of the bank's mediation in the inter-bank foreign exchange market.

Details of the intervention showed authorised dealers in the wholesale segment of the market, as in previous deals, were offered about $100million.

Equally, those in the Small and Medium Enterprises (SMEs) segment got a boost of $55 million.

Customers purchasing foreign exchange for invisibles such as tuition fees, medical payments and Basic Travel Allowance (BTA), among others, were also allotted about $55 million.

Mr Okorafor, who confirmed the transactions, reiterated the position of the CBN to continue to make funds available for foreign exchange in order to ensure continued stability in the markets.

In its penultimate intervention on April 18, the bank injected about $254.8 million and CNY34.8 million into the Retail Secondary Market Intervention Sales (SMIS) segment.

Meanwhile, the Naira on Wednesday exchanged at an average of N360/$1 in the BDC segment of the market.

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