CBN injects $210m into forex market

The interbank segment of the foreign exchange market received a boost of $210m from the Central Bank of Nigeria, following sales concluded on Tuesday.

Figures obtained from the CBN indicated that authorised dealers in the wholesale segment of the market were offered $100m, while the Small and Medium Enterprises segment received $55m.

The sum of $55m was allocated to customers requiring foreign exchange for invisibles such as tuition fees, medical payments and basic travel allowance among, others.

The Director, Corporate Communications Department, Mr Isaac Okorafor, reaffirmed the bank’s commitment towards ensuring stability in the foreign exchange market.

Recall that at the last intervention on Friday, the bank injected $294.7m and CNY31.4m into the Retail Secondary Market Intervention Sales segment.

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

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