CBN injects fresh $210m into forex market


The Central Bank of Nigeria has injected another sum of $210m into the interbank foreign exchange market in a bid to ensure the availability of forex for customers in various segments of the market.

According to the figures obtained from the CBN on Tuesday, the bank offered $100m to authorised dealers in the wholesale segment of the market, while the small and medium enterprises segment received $55m.

The CBN added that customers requiring forex for invisibles such as tuition fees, medical payments and basic travel allowance, among others, were also allocated $55m.

The acting Director, Corporate Communications Department, CBN, Mr Isaac Okorafor, reassured the public that the bank would continue to intervene in the interbank forex market in line with its desire to sustain liquidity in the market and maintain stability.

On August 23 and August 24, 2018, the central bank injected $543.22m and CNY 63.21m into the interbank forex market.

Meanwhile, the naira continued its stability in the forex market, exchanging at an average of N361/$1 in the Bureau de Change segment of the market on Tuesday.

 Source: PUNCH.

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