Forex: CBN Injects $210 Into The Market

Oru Leonard

The Central Bank of Nigeria (CBN) has injected the sum of $210 million into the inter-bank Foreign Exchange Market.

Figures made to the News Dot Africa correspondent by the CBN on Tuesday, February 26, 2019, indicated that authorized dealers in the wholesale segment of the market were offered the sum of $100million, while the Small and Medium Enterprises (SMEs) segment received the sum of $55 million.

Similarly, 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.

Confirming the figures, the Banks Director, Corporate Communications Department, Mr. Isaac Okorafor reiterated the CBNs commitment to continue to boost interbank foreign exchange market to ensure liquidity in the market.

It will be recalled that on Friday, February 22, 2019, the CBN injected the sum of $268.4 million and CNY46.3 million into the Retail Secondary Market Intervention Sales (SMIS) segment.

Meanwhile, the Naira on Tuesday, February 26, 2019 exchanged at an average of N360/$1 in the BDC segment of the market.