CBN Boosts Forex Supply with $195m

The Central Bank of Nigeria (CBN) tuesday intervened in the interbank foreign exchange market with the injection of another $195 million.

Figures released by the Bank showed that it offered the total sum of $100million to the Wholesale segment, while the Small and Medium Enterprises (SMEs) segment received the sum of $50 million.

The invisibles segment comprising tuition, medical payments and Basic Travel Allowance (BTA) received $45 million.

The Bank’s Acting Director, Corporate Communications Department, Mr. Isaac Okorafor confirmed the figures, noting that the intervention was in line with the CBN’s commitment to continue to ensure FOREX liquidity and meet legitimate demand.

Okorafor maintained that the CBN would continue to intervene in the nation’s FOREX Market to sustain the liquidity in the market and guarantee the international value of the naira.

Meanwhile, the naira exchanged at an average of N360 to the dollar on the BDC segment of the market tuesday.

CREDIT: THISDAY