Economy: CBN injects $210 million into Foreign Exchange Market

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 last Tuesday.

Figures obtained from the CBN indicated that authorized dealers in the wholesale segment of the market were offered the sum of $100million, while the Small and Medium Enterprises (SMEs) segment received the sum of $55 million, Breaking Times reported.

The sum of $55 million was allocated to customers requiring foreign exchange for invisibles such as tuition fees, medical payments and Basic Travel Allowance (BTA), among others. Confirming the figures, the Director, Corporate Communications Department, Isaac Okorafor reaffirmed the Bank’s commitment towards ensuring stability in foreign exchange market.

It will be recalled that at the last intervention on Friday, June 7, 2019, the Bank injected the sum of $294.7million and CNY31.4million into the Retail Secondary Market Intervention Sales (SMIS) segment.

Meanwhile, the Naira on Tuesday, June 11, 2019, exchanged at an average of N360/$1 in the BDC segment of the market.