CBN boosts forex supply with $195 million

The Central Bank of Nigeria (CBN) has again intervened in its weekly inter-bank foreign exchange market (Forex) with the injection of another $195 million.

Details of the figures released by the apex bank yesterday showed that it offered $100 million to the wholesale segment, while the small and medium enterprises (SMEs) segment received $50 million.

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

CBN’s Acting Director, Corporate Communications, Isaac Okorafor confirmed the figures, noting that the intervention was in line with the bank’s commitment to ensuring continued forex liquidity and meeting legitimate demands.

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

The naira exchanged at an average of N360 to the dollar in the Bureau de Change (BDC) segment of the market on Tuesday, November 7, 2017, maintaining its stability in the forex market.