Home Forex Market Forex market gets $210m CBN boost – The Punch

Forex market gets $210m CBN boost – The Punch

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The interbank segment of the Foreign Exchange Market has received a boost of $210m from the Central Bank of Nigeria, following sales concluded on Tuesday.

According to figures obtained from the bank, authorised dealers in the wholesale segment of the market were offered $100m.

Similarly, the Small and Medium Enterprises segment received $55m, while customers requiring foreign exchange for invisibles such as tuition fees, medical payments and Basic Travel Allowance, among others, were also allocated $55m.

The Director, Corporate Communications Department, Mr Isaac Okorafor, who disclosed the transactions in a statement, said the effort of the bank had helped to reduce exchange rate pressures across all segments of the market.

According to him, the stability of the exchange rate underscored the level of confidence investors and the public had in the Naira.

It would be recalled that the bank, at its last intervention on Friday, injected $247.8m and CNY34.8m into the Retail Secondary Market Intervention Sales segment.

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

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