Central Bank Boosts Forex Market With $210 Million

The Central Bank of Nigeria (CBN) has made a fresh injection of $210 million into the inter-bank foreign exchange market in its determination to boost supply in that sector of the market.

Figures released by the Bank today, Tuesday, indicated that it offered the total sum of $100 million to the wholesale segment, while the Small and Medium Enterprises (SMEs) segment received the sum of $55 million. The invisibles segment, comprising tuition fees, medical payments and Basic Travel Allowance (BTA), among others, also received $55 million.

The Director in the Corporate Communications department of the apex bank, Isaac Okorafor, said that the bank is satisfied with the stability of the Forex market, adding that it will continue to intervene in order to ensure the liquidity in the market.

According to him, having virtually achieved the objective of rates convergence, the bank is now committed to sustaining the gains recorded in the foreign exchange market.

Okorafor expressed optimism that the Naira will sustain its run against the dollar and other major currencies around the world, considering the level of transparency in the market.

This was even as naira continued to maintain its stability in the FOREX market, exchanging at an average of N356/$1 in the BDC segment of the market as at today, Tuesday.