CBN boosts liquidity at inter-bank forex market with $210m

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In continuation of its mediation in the inter-bank foreign exchange market, the Central Bank of Nigeria (CBN) on Wednesday, April 24, 2019, intervened with $210 million to sustain liquidity in that segment of the market.

According to the figures released by the CBN on Wednesday, authorised dealers in the wholesale segment of the market, as in previous deals, were offered $100 million, while those in the Small and Medium Enterprises (SMEs) segment got a boost of $55 million. Customers purchasing foreign exchange for invisibles such as tuition fees, medical payments and Basic Travel Allowance (BTA), among others, were also allotted a total of $55 million.

Isaac Okorafor, CBN’s director, corporate communications department, confirmed the transactions, reiterating that the CBN would continue to ensure the availability of foreign exchange in order to ensure continued stability in the markets.

In its last intervention on Thursday, April 18, 2019, the bank injected $254.8 million and CNY34.8 million into the Retail Secondary Market Intervention Sales (SMIS) segment.

Meanwhile, the naira on Wednesday, April 24, 2019, exchanged at an average of N360/$1 in the BDC segment of the market.

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ByHope Moses-Ashike

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Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks. She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa.