CBN injects $210m to boost Forex market

WorldStage Newsonline– The Central Bank of Nigeria (CBN) has injected another sum of $210 million to boost sales in the inter-bank segment of the foreign exchange market, in continuation of its intervention in the market.

It was the first intervention after the apex bank issued a circular to confirm the probe of alleged contravening of its embargo on the importation of 41 items with forex sourced from official window by some corporate and individual entities.

In the sales conducted on Monday, December 10, 2018 and consummated on Tuesday, December 11, 2018, the Bank offered $100 million to authorized dealers in the wholesale segment of the market in the Tuesday Sales, while the Small and Medium Enterprises (SMEs) segment received the sum of $55 million. The sum of $55 million was also allotted to the invisibles window to meet needs for tuition fees, medical payments and Basic Travel Allowance (BTA).

The Director, Corporate Communications Department, at the Bank, Mr. Isaac Okorafor, confirmed the figures and assured that the Bank will continue to ensure liquidity of foreign exchange to meet the demand of customers, particularly during the yuletide.

On Tuesday, December 4, 2018, the bank injected the sum of $210 into the inter-bank foreign exchange market.

Meanwhile, the Naira on Tuesday, December 11, 2018 continued to exchange at an average of N362/$1 in the Bureau De Change (BDC) segment of the market.

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