Home Business CBN injects $210m into forex market
CBN injects $210m into forex market

CBN injects $210m into forex market

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The interbank segment of the Foreign Exchange Market received a boost of $210 million from the Central Bank of Nigeria (CBN) following sales concluded on Tuesday, June 11, 2019.

Figures obtained from the CBN indicated that authorised dealers in the wholesale segment of the market were offered the sum of $100million, while the Small and Medium Enterprises (SMEs) segment received the sum of $55 million. The sum of $55 million was allocated to customers requiring foreign exchange for invisibles such as tuition fees, medical payments and Basic Travel Allowance (BTA), among others.

Confirming the figures, the Director, Corporate Communications Department, Mr. Isaac Okorafor reaffirmed the bank’s commitment towards ensuring stability in foreign exchange market.

In its last intervention on Friday, June 7, 2019, CBN injected the sum of $294.7million and CNY31.4million into the Retail Secondary Market Intervention Sales (SMIS) segment.

Meanwhile, the Naira on Tuesday, June 11, 2019, exchanged at an average of N360/$1 in the BDC segment of the market.

 

 

The Sun

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