Business

CBN injects $210m into forex market on Democracy Day eve

Published

6 years ago

June 12, 2019

The Central Bank of Nigeria (CBN) intervened in the interbank segment of the Foreign Exchange Market with $210 million on Tuesday, a day before Nigeria’s new Democracy Day.

Figures obtained from the CBN 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.

The sum of $55 million was allocated to customers requiring foreign exchange for invisibles such as tuition fees, medical payments and Basic Travel Allowance (BTA), among others.

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

The Daily Times recalls that at the last intervention on Friday, June 7, 2019, the Bank injected the sum of $294.7million and CNY31.4million into the Retail Secondary Market Intervention Sales (SMIS) segment.

Meanwhile, the Naira on Tuesday, June 11, 2019, exchanged at an average of N360/$1 in the BDC segment of the market.