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CBN intervenes in forex market with $210m

Central Bank of Nigeria (CBN) has boosted the interbank segment of the Foreign Exchange Market with $210 million following sales concluded on Tuesday.

According to figures obtained from the Bank, authorized dealers in the wholesale segment of the market were offered the sum of $100 million 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 allocated the sum of $55 million.

Effort of the Bank had helped to reduce exchange rate pressures across all segments ..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.

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