Inter-Bank Forex Market: CBN intervenes with $210m

Oru Leonard

The Nigerian inter-bank foreign exchange market received another boost of $210 million from the Central Bank of Nigeria (CBN), following transactions concluded on Tuesday, August 6, 2019.

Figures obtained from the CBN on Tuesday indicated that the Bank offered $100 million to authorized dealers in the wholesale sector of the market, while the Small and Medium Enterprises (SMEs) and the invisibles segments were allocated the sum of $55 million each.

The Director, Corporate Communications at the Bank, Isaac Okorafor noted that the CBN Management remained particularly pleased with the prevailing stability in the Nigerian foreign exchange market. He went further to reaffirm the Bank’s commitment to continue to boost interbank foreign exchange market to ensure stability and availability to meet customers’ demand.

At the last Bank intervention, the sum of $284.2 million and CNY36 million were injected into the Retail Secondary Market Intervention Sales (SMIS) and in the spot and short tenured forwards segments of the foreign exchange market.

Meanwhile, the Naira on Tuesday, August 6, 2019 exchange at an average of N358/$1 in the BDC segment of the market.