Business

Forex market gets CBN’s $210m boost

Published

8 years ago

August 1, 2018

By Chioma Obinagwam

The CBN (Nigeria’s apex bank) in its efforts to meet the Foreign Exchange (FOREX) needs of its customers has said that it injected $210 million into the market.

In a statement issued by the apex bank on Tuesday, the money which was distributed among various segments of the market showed that the CBN offered $100 million to authorised dealers in the wholesale segment of the market while the Small Medium Enterprises (SMEs) segment got the sum of $55 million.

According to figures from the Bank, customers requesting Forex for invisibles such as tuition fees, medical payments and Basic Travel Allowance (BTA), among others, were also allocated the sum of $55 million.

The CBN had last Friday, following the earlier take-off of its intervention in the sale of Forex in Chinese Yuan (CNY), injected the sum $340, 507, 376.51 into the interbank retail secondary market intervention sales.

This was in addition to the sale of CNY 69,858,087.15 in the spot and short tenured forwards.

Meanwhile, the naira continued its stability in the Forex market, exchanging at an average of N360/$1 in the Bureau De Change (BDC) segment of the market Tuesday.