CBN Boosts Forex Market with $210m


Nigeria’s apex bank, the Central Bank of Nigeria (CBN) in a bid to stabilise foreign exchange with the local currency on Wednesday, released $210million into the inter-bank Foreign Exchange market to meet customers’ requests in various segments of the market.

Figures obtained from the CBN showed that it allocated the sum of $100million to authorised dealers in the wholesale segment of the market, while the Small and Medium Enterprises (SMEs) segment got the sum of $55 million on Tuesday, July 10, 2018.

The injection of another fresh dollar denominated funds is in line with its determination to meet the customers’ needs in the sundry segments of the market.

The figures also indicated that customers needing 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 Okoroafor, assured Nigerians that the Bank will continue to intervene in the interbank foreign exchange market, in line with its pledge to sustain liquidity in the market and maintain stability.

According to Mr. Okoroafor, the CBN will not renege on its promise to manage the forex with a view to reducing the country’s import bills and halting depletion of its foreign reserves.

The CBN in like manner the previous week, Tuesday, July 03, 2018 intervened to the tune of $210.0 million, to cater for requests in the wholesale segment of the market.

Meanwhile, the intervention in the forex market seems to be yielding dividend as the nation’s currency, (the Naira) continued its stability in the FOREX market, exchanging at an average of N360 per one dollar in the BDC segment of the market as at Tuesday, July 10, 2018.

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