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The Central Bank of Nigeria (CBN), on Tuesday, May 8, 2018, boosted the inter-bank Foreign Exchange market with another sum of $210 million.
Consequently, naira value was lifted against the U.S dollar as it closed at N360.64k per dollar on Tuesday compared to N360.91k traded the previous day at the investors and exporters forex wind, data from FMDQ indicated.
At the Nigerian Autonomous Foreign Exchange Fixing (NAFEX), the local currency gained marginally by N0.06k to close at N360.77k on Tuesday from N360.83k on Monday.
The Bank again offered the sum of $100 million to authorized dealers in the wholesale segment of the market. The Small and Medium Scale Enterprises (SMEs) segment received the sum of $55 million while the sum of $55 million was apportioned to invisibles such as tuition fees, medical payments and Basic Travel Allowance (BTA).
A statement from the Bank’s Acting Director, Corporate Communications Department, Isaac Okorafor, confirmed the figures and reiterated CBN’s capacity to continue to sustain the foreign exchange intervention.
Okorafor urged authorized dealers to help sustain the confidence in the foreign exchange market by continuing to honour requests from customers with genuine needs.
It will be recalled that the Central Bank of Nigeria last Friday, May 4, 2018 intervened in the Secondary Market Intervention Sales (SMIS) to the tune of $349.34 million.
Meanwhile, the Naira, on Tuesday, May 8, 2018, continued to maintain its stability in the FOREX market, exchanging at an average of N362/$1 in the BDC segment of the market.
HOPE MOSES-ASHIKE
