Monday, March 12, 2018 /06:10
PM / CBN
The Central Bank of Nigeria (CBN), in its quest to
guarantee the availability of forex for customers’ needs in various segments of
the market, has injected another sum of $210million into the inter-bank Foreign
Exchange Market.
Figures obtained from the Bank on
Monday, March 12, 2018, indicate that the CBN offered $100million to authorized
dealers in the wholesale segment of the market, while the Small and Medium
Enterprises (SMEs) segment received the sum of $55 million. Customers requiring
foreign exchange for invisibles 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, confirmed the figures and
reassured the public that the Bank would continue to intervene in the interbank
foreign exchange market in line with its desire to sustain liquidity in the
market and maintain stability. 
He added that the steps taken so far by the Bank
in the management of forex was paying off, as reflected by reduction in the
country’s import bills and accretion to its foreign reserves which stood at $46
billion as at Friday, March 9, 2018.
It will be recalled that last Friday, the Bank
injected the sum of $355.43m into the Retail Secondary Market Intervention
Sales (SMIS).
Meanwhile, the naira continued its stability in
the FOREX market, exchanging at an average of N360/$1 in the BDC segment
of the market on Monday, March 12, 2018.
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