With $210m, CBN Lifts The Forex Market

In its desire to ensure the availability of forex and also meet customers’ requests in various segments of the market, the Central Bank of Nigeria (CBN) on Monday injected another sum of $210 million into the interbank foreign exchange market.

Figures obtained from the Bank yesterday indicated that the CBN offered $100 million to authorised dealers in the wholesale segment of the market, while the small and medium scale 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, Corporate Communications Department (CCD), Mr. Isaac Okorafor, confirmed the figures, adding that those who made bids in the wholesale window would receive value for the bids on Tuesday, February 06, 2018.

Okorafor 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. He added that the steps taken so far by the Bank in the management of forex had paid off, as reflected by reduction in the country’s import bills and accretion to its foreign reserves.

The naira went for around N360/$1 on the BDC segment of the market yesterday.