CBN, Again, Injects Fresh $210 Million Into Inter-Bank Forex

The Central Bank of Nigeria (CBN), has again, injected the sum of $210 million into the inter-bank foreign exchange (forex) market.

The Bank offered $100 million to authorized dealers in the wholesale segment of the market, while the Small and Medium Enterprises (SMEs) segment got the sum of $55 million, just as $55 million was also allocated for invisibles such as tuition fees, medical payments and Basic Travel allowance (BTA).

In a statement, the Bank’s Acting Director of Corporate Communications Department, Isaac Okorafor said that the apex bank would continue to intervene in the interbank foreign exchange market, in line with its pledge to sustain liquidity in the market and maintain stability.

Okorafor maintained that the continued forex intervention is to ensure that the Bank meetsgenuine customers’ requests in various segments of the market.

It will be recalled that Tuesday last week, the CBN intervened to the tune of $210 million, to cater for requests in the wholesale segment of the market.

Meanwhile, the naira continued to exchange at an average of N360/$1in the Bureau De Change (BDC) segment of the market today, Tuesday.