CBN Boosts Forex Market with $210m

Proshare - Facebook Proshare - Twitter Proshare - Linked In Proshare - WhatsApp

Monday, January 22, 2018 /6:25PM /CBN 

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

In its quest to meet the customers’ needs in the sundry segments of the market, the 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, January 22, 2018. 

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

Mr. Isaac Okorafor, the Bank’s Acting Director, Corporate Communications Department (CCD), reiterated the Bank’s determination to 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 continue to manage the forex with a view to reducing the country’s import bills and halting accretion to its foreign reserves.

Proshare Nigeria Pvt. Ltd.

It will be recalled that in the past week, the CBN intervened in the Retail Secondary Market Intervention Sales (SMIS) 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, January 22, 2018.

Related News
1. Reserves Accumulation via Another Window
2. CBN Injects $210m into Forex Market
3. Retail SMIs get $262.5m CBN boost
4. Nigeria’s External Reserves Hit $40.4 Billion as CBN Injects $210m into Interbank Market
5. Forex Market Gets Another $210m Boost from CBN
6. Reserves Heading Towards US$40bn
7. Naira Stability, Policy Stability
8. CBN Boosts Forex Market with $210m
9. CBN Ends Forex Trading Week With $288m Retail SMIS

Related News