CBN strengthens FOREX with $210 million

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The Central Bank of Nigeria (CBN) on Tuesday strengthened the country’s foreign exchange market with the supply of another $210 million to the interbank segment of the market.

CBN spokesperson, Isaac Okorafor, disclosed this at the conclusion of sales in the foreign exchange market on Tuesday.

Figures obtained from the CBN showed authorised dealers in the wholesale segment of the market were offered about $100 million during the trading session.

Similarly, the bank said Small and Medium Enterprises (SMEs) segment received about $55 million, while customers requiring foreign exchange for tuition fees, medical payments and Basic Travel Allowance (BTA), among others, were also allocated $55 million.

According to Mr Okorafor, the transactions were part of the efforts of the Bank to reduce exchange rate pressures across all segments of the foreign exchange market.

The stability of the exchange rate, he said, underscored the level of confidence investors and the public had in the naira.

Last Friday, the CBN injected about $247.8 million and CNY34.8 million into the retail Secondary Market Intervention Sales (SMIS) segment.

Meanwhile, the naira at the close of business on Tuesday exchanged at an average of N360/$1 in the Bureau de Change (BDC) segment of the market.

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