The Central Bank of Nigeria (CBN) on Tuesday injected a total of $210 million into the inter-bank Foreign Exchange Market to meet the needs of customers in the wholesale and Small and Medium Enterprises (SMEs) segments.
This follows its desire to ensure liquidity in the foreign exchange market in order to meet customers’ requests in various segments of the market.
Figures obtained from the Bank on Tuesday, July 03, 2018, indicate that the CBN offered $100million to authorized dealers in the wholesale segment of the market, while the Small and Medium Enterprises (SMEs) segment received the sum of $55 million. Customers requiring 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, Crporate Communications Department (CCD), Isaac Okorafor, confirmed the figures and reassured the public that the Bank would continue to intervene in the interbank foreign exchange market in line with its quest to sustain liquidity in the market and maintain stability.
It will be recalled that last Friday, June 29, 2018, the CBN had intervened to the tune of $318.73 million to cater for requests in the retail segment of the forex market.
Meanwhile, the naira continued its stability in the forex market, exchanging at an average of N360/$1 in the BDC segment of the market on Tuesday, July 03, 2018.
