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Forex: CBN pumps $210m into Inter-Bank Market!

In continuation of its periodic intervention in the foreign exchange market, the Central Bank of Nigeria (CBN) on Tuesday injected another sum of $210 million into the inter-bank foreign exchange market.

Figures released by the CBN indicated that authorised dealers in the wholesale segment of the market received the sum of $100 million, while the Small and Medium Enterprises (SMEs) and the invisibles segments were allocated the sum of $55 million each.

The Director, Corporate Communications Department at the CBN, Mr. Isaac Okorafor, confirmed the figures and restated the Bank’s resolve to always meet the request of genuine customers in the various segments of the market.

News Express recalls that on Friday, January 25, 2019, the Bank injected a total sum of $289.76 million into retail Secondary Market Intervention Sales (SMIS) and CNY38.70 million in the spot and short-tenored forwards of the inter-bank foreign exchange market.

Meanwhile, the naira on Tuesday continued to exchange at an average of N360/$1 in the Bureau De Change (BDC) segment of the market.

About Dotun Roy

DotunRoy.com is a development driven news website with the overall goal of amplifying, promoting and advocating for positive societal change through Sustainable Development advocacy in line with UN SDGs components such as education, environmental sustainability and Climate Change, Human Rights, health, finance, housing, good governance as well as security in Nigeria and across the world.

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