Forex: CBN Intervenes with Fresh $210m

In another round of intervention, the Central Bank of Nigeria (CBN) yesterday injected the sum of $210 million into the interbank foreign exchange market to ensure the availability of forex and also meet customers’ requests in various segments of the market. A statement revealed that at the auction, the central bank offered $100 million to…”
Yusuf
August 8, 2018 11:03 am

In another round of intervention, the Central Bank of Nigeria (CBN) yesterday injected the sum of $210 million into the interbank foreign exchange market to ensure the availability of forex and also meet customers’ requests in various segments of the market.

A statement revealed that at the auction, the central bank offered $100 million to authorised dealers in the wholesale segment of the market, while the small and medium scale 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), Mr. Isaac Okorafor, confirmed the figures and reiterated that the central 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.

He added that the steps taken so far by the bank in the management of forex had paid off, as reflected by reduction in the country’s import bills and accretion to its foreign reserves.

But the naira traded at about N360 to a dollar on the BDC segment of the market yesterday.

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