CBN Buoys Forex Market with $210m

Forex
2306 VIEWS
Proshare - Facebook Proshare - Twitter Proshare - Google+ Proshare - Linked In Proshare - WhatsApp
Proshare

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.
 

Proshare Nigeria Pvt. Ltd.

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.
 

Related News

  1. Nigeria’s External Reserves Climb to $46bn
  2. CBN Injects $335.43m into Retail SMIS
  3. Gross Official Reserves Increased by US1.81bn in February 2018
  4. CBN Boosts Forex Market With $210m
  5. Forex: Inter-Bank Market Gets $210 Boost
  6. Dramatic Turnaround in FX Availability
  7. Forex Market Gets CBN’s $210m Boost
  8. CBN Cancelled Charges on the Sale of Foreign Exchange for Invisible Transactions
  9. Forex: CBN Intervenes in Retail SMIS With $325.64m
  10. Gross Official Reserves Moved Across the US$40bn Threshold, and Counting
READ MORE:
Related News
SCROLL TO TOP