Inter-bank market gets $210 million boost

Authorised dealers in the wholesale segment of the inter-bank foreign exchange market have received $100 million intervention from the Central Bank of Nigeria (CBN) to meet customers’ requests.

The CBN also allocated $55 million each to the Small and Medium Enterprises (SMEs) and invisibles segment, comprising tuition fees, medical payments and Basic Travel Allowance (BTA), among others.

CBN’s Director of Corporate Communications, Isaac Okorafor, disclosed this yesterday, stressing that the CBN would continue to intervene in the country’s interbank foreign exchange market.

He said the bank’s management remains committed to ensuring stability in the market through liquidity injection. The Bank had intervened with over $547 million within the last one month in the Wholesale and Retail Secondary Market Sales (SMIS). Meanwhile, the Naira yesterday exchanged at an average of N362 to $1 in the Bureau de Change (BDC) segment of the market.

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CBNIsaac Okorafor
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