Forex Market Gets $210m CBN Boost

Forex
877 VIEWS
Proshare - Facebook Proshare - Twitter Proshare - Instagram Proshare - Linked In Proshare - WhatsApp
Proshare

Tuesday, April 16, 2019  06:20 PM / by CBN

 

The interbank segment of the Foreign Exchange Market has received a boost of $210 million from the Central Bank of Nigeria (CBN) following sales concluded on Tuesday, April 16, 2019. 

According to figures obtained from the Bank, authorized dealers in the wholesale segment of the market were offered the sum of $100million. Similarly, the Small and Medium Enterprises (SMEs) segment received the sum of $55 million, while 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 Director, Corporate Communications Department, Mr. Isaac Okorafor confirmed the transactions and disclosed that the effort of the Bank had helped to reduce exchange rate pressures across all segments of the market. According to him, the stability of the exchange rate underscored the level of confidence investors and the public had in the Naira. 

It will be recalled that the Bank, at its last intervention on Friday, April 5, 2019, injected the sum of $247.8 million and CNY34.8 million into the Retail Secondary Market Intervention Sales (SMIS) segment. 

Meanwhile, the Naira on Tuesday, April 16, 2019, exchanged at an average of N360/$1 in the BDC segment of the market.

 

Proshare Nigeria Pvt. Ltd.


Related News

1.       Forex in Nigeria: The Future is Now?

2.      Again, CBN Boosts Forex Market with $210m

3.      Forex Intervention: CBN injects $247.8m, CNY 34.8m into Retail SMIS

4.      Gross Official Reserves Decreased by US$860m in February 2019 to US$42.31bn

5.      CBN Intervenes With $269.92m, CNY31.34m in Retail SMIS

6.      Import Substitution - CBN Bans FX Sale To Textile Importers

7.      Large FX Inflow At IEFX Window Through FPIs In The Fixed Income Market

8.     CBN Places Access to FX for All Forms of Textile Materials on the FX Restriction List

9.      Who Manages the Forex Market?

10.  Forex: CBN Boosts Market With $210m

 Proshare Nigeria Pvt. Ltd.

READ MORE:
Related News
SCROLL TO TOP