Business

CBN injects $210m in Forex market to sustain liquidity

Published

8 years ago

March 20, 2018

By Chioma Obinagwam

The Central Bank of Nigeria (CBN), has injected another sum of $210 million into the inter-bank Foreign Exchange (Forex) Market, in its desire to sustain liquidity in the forex market, thereby ensuring that forex is available for customers needs in various segments of the market.

According to the figures obtained from the CBN on Monday, March 19, 2018, the Bank offered $100million to authorized dealers in the wholesale segment of the market, while the Small and Medium Enterprises (SMEs) segment received the sum of $55 million.

Also, customers requiring Forex for invisibles such as tuition fees, medical payments and Basic Travel Allowance (BTA), among others, were also allocated the sum of $55 million.

Mrl. Isaac Okorafor, the Banks Acting Director, Corporate Communications Department (CCD), confirmed the figures and reassured the public that the Bank would continue to intervene in the interbank Forex market in line with its desire to sustain liquidity in the market and maintain stability.

He said that the steps taken so far by the Bank in the management of Forex was paying off, as reflected by reduction in the countrys import bills and accretion to its foreign reserves

Recall that last Monday, 12th March, 2018, the Bank injected the sum of $210 into the Wholesale segment of the forex market.

Meanwhile, the naira continued its stability in the Forex market, exchanging at an average of N360/$1 in the BDC segment of the market on Monday, March 19, 2018.