CBN Sustains Forex Intervention, Injects Fresh $210m

Forex
1440 VIEWS
Proshare - Facebook Proshare - Twitter Proshare - Google+ Proshare - Linked In Proshare - WhatsApp
Proshare

Tuesday, July 17, 2018 / 6:10PM / CBN  

The Central Bank of Nigeria (CBN), on Tuesday, July 17, 2018 injected the sum of $210 million into the inter-bank foreign exchange (forex) market. 

The Bank 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, just as $55 million was also allocated for invisibles such as tuition fees, medical payments and Basic Travel allowance (BTA).  

In a statement, the Bank’s Acting Director of Corporate Communications Department, Mr. Isaac Okorafor confirmed the figures and restated the apex bank resolve to continue to intervene in the interbank foreign exchange market, in line with its pledge to sustain liquidity in the market and maintain stability. 

Mr. Okorafor maintained that the continued forex intervention is to ensure that the Bank meets genuine customers’ requests in various segments of the market.  

It will be recalled that last Tuesday, July 10, 2018, the CBN intervened to the tune of $210 million, to cater for requests in the wholesale segment of the market. 

Meanwhile, the naira continued to exchange at an average of N360/$1 in the Bureau De Change (BDC) segment of the market on Tuesday, July 17, 2018.

 
Proshare Nigeria Pvt. Ltd.

Related News

1.       Forex: Retail SMIS Gets $358m

2.      Forex Market Gets CBN’s $210m Boost

3.      Forex Market Gets $210m Lift from CBN

4.      FOREX: CBN Boosts Retail Segment With $318.73m

5.      CBN Injects Another $210m into Forex Market

6.      Forex Market Gets $210m Lift

7.      Forex: CBN Gives Retail SMIS $343.06m Boost

8.     CBN Injects $210m into Forex Market

9.      Forex: CBN Okays Wider Margin for BDCs

10.  Forex: CBN Sells $331.41m at SMIS

11.   CBN Sustains FOREX Market Intervention

12.  CBN Reviews Weekly Foreign Exchange Cash Sales To BDC Operators

13.  CBN Mandates DMBs to Buy and Sell Forex to Travelers Over the Counter

14.  CBN Urges Customers to Report Banks That Refuse to Sell BTA-PTA FOREX to Them

15.   Forex: CBN Intervenes With Another $210m

16.  CBN Lifts Retail SMIS With $293m

17.   Remittances: A Smoothening Agent

18.  Forex: Inter-Bank Sector Gets $210m

 

READ MORE:
Related News
SCROLL TO TOP