CBN Strengthens Forex Market With $210m

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The Central Bank of Nigeria (CBN) on Tuesday, released the sum of $210 million into different segments of the inter-bank Foreign Exchange Market. Isaac Okorafor, the CBN’s Acting Director in charge of Corporate Communications, who confirmed the figures said the interventions were in the Wholesale, Small and Medium Enterprises (SMEs) and invisibles windows.

According to Okorafor, the Bank offered the total sum of $100million to the wholesale segment, while the SMEs segment received the sum of $55 million.

The sum of $55 million was allocated to tuition fees, medical payments and Basic Travel Allowance (BTA), Okorafor said

The CBN acting director said the releases were part of effort aimed at boosting liquidity in the forex market, facilitating trade and easing remittances for legitimate personal commitments.

Okorafor said following interventions by the apex Bank and other stakeholders on convergence of rates between the interbank market and the Bureau de Change segments, customers can now buy forex from either market at not more than N362 to a dollar.

He assured that the apex Bank will not relent in its monitoring of the market in order to ensure that authorised dealers abide by the extant rules.It will be recalled that the CBN last week intervened in the various segments of the Forex market with the sum of $498 million.

Meanwhile, the naira maintained its steady rate against major currencies around the globe, exchanging for N361/$1 in the BDC segment of the market on Tuesday.



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