CBN Injects $210M Into Forex Market

THE sum of $210million has again been injected into the inter-bank Foreign Exchange Market by the Central Bank of Nigeria (CBN) to meet customers” requests in various segments of the market.

This is just as the naira continued its stability in the FOREX market, exchanging at an average of N360/$1 in the BDC segment of the market on Monday, January 15, 2018.

The bank had last Friday, January 12, 2018, intervened in the Retail Secondary Market Intervention Sales (SMIS) to the tune of $262.5 million, to cater for requests in the agricultural, airlines, petroleum products and raw materials and machinery sectors.

Today, 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- Acting Director, Corporate Communications Department (CCD), Mr. Isaac Okorafor, confirming the figures, added that those who made bids in the wholesale window would receive value for the bids on Tuesday, January 16, 2018.

Okorafor reassured the public that the Bank would continue to intervene in the interbank foreign exchange market in line with its resolve to sustain liquidity in the market and maintain stability.

According to him, the steps taken so far by the CBN in forex management had yielded many positives, particularly as it had to do with reduction in the country- import bills and accretion to its foreign reserves.