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Forex Market gets CBN’s $210 million boost

Dices cubes to trader. Cubes with the words SELL BUY. Selective focus

THE inter-bank Foreign Exchange Market has received the sum of $210million from the Central Bank of Nigeria (CBN), to meet customers’ requests in various segments of the market.

In its determination to meet the customers’ needs in the sundry segments of the market, CBN offered $100million to authorized dealers in the wholesale segment of the market, while the Small and Medium Enterprises (SMEs) segment got the sum of $55 million, according to figures obtained from the Bank on Monday.

The figures also indicated that customers needing foreign exchange for invisible such as tuition fees, medical payments and Basic Travel Allowance (BTA), among others, were also allocated the sum of $55 million.

The Bank’s Acting Director, Corporate Communications Department (CCD), Mr Isaac Okorafor, assured Nigerians that the Bank will continue to intervene in the interbank foreign exchange market, in line with its pledge to sustain liquidity in the market and maintain stability.

According to Mr Okorafor, the CBN will not renege on its promise to manage the forex with a view to reducing the country’s import bills and halting accretion to its foreign reserves.

It will be recalled that last Friday, February 9, 2018, the Central Bank of Nigeria (CBN) had again intervened in the Retail Secondary Market Intervention Sales (SMIS) to the tune of $325.64 million to cater for requests in the airlines, agricultural, petroleum products and raw materials and machinery sectors.

Meanwhile, the naira continued its stability in the FOREX market, exchanging at an average of N361/$1 in the BDC segment of the market on Monday, February 12, 2018.

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Abdulrahman Obaje
Abdulrahman Obaje
Prince Abdulrahman Obaje is a Media and ICT Consultant, Journalist, online marketer, social media strategist, Mathematician and Computer Scientist based in Abuja, Nigeria. He is the Founder and the Publisher of The Informavores!. You can reach me on +234 908 6937 780 or send i-witness report directly to me on news@informavores.com.ng.

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