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NIGERIA: CBN Injects $210m To Boost Forex Market

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Nigeria Exchange Rate

The Central Bank of Nigeria (CBN) in a bid to sustain the nation’s liquidity has again, injected a sum of $210m into the Inter-bank Foreign Exchange Market.

According to a statement issued on Tuesday in Abuja by the Director, Corporate Communications, CBN, Mr Isaac Okorafor, the action is in continuation of the apex bank’s determination to ensure sustenance of liquidity in that segment of the market.

He stated that details of the distribution indicated that authorised dealers in the wholesale segment of the market have been offered $100m, while the Small and Medium Enterprises segment received $55m.

In the same vein, customers who require the use of foreign exchange for Invisibles such as tuition fees, medical payments and Basic Travel Allowance (BTA) etc, were also allocated the sum of $55m.

A statement by the Bank’s Spokesman, Mr Okorafor emphazied apex bank’s determination to boost the interbank foreign exchange market to in order to achieve liquidity and stability in the market.

According to him, the bank on the 5th of April, 2019, injected $247.8m and 34.8million Chinese Yuan, into the Retail Secondary Market Intervention Sales segment.

He further pointed out that on Tuesday, the naira exchanged at an average of N360 to a dollar at the Bureau De Change.

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