CBN injects $210m into forex market

The Central Bank of Nigeria (CBN) on Wednesday injected the sum of $210 million into the inter-bank foreign exchange (forex) market.

The bank offered $100 million to authorised dealers in the wholesale segment of the market, while the Small and Medium Enterprises (SMEs) segment got the sum of $55 million, just as $55 million was also allocated for invisibles such as tuition fees, medical payments and Basic Travel allowance (BTA).

In a statement, the bank’s Acting Director of Corporate Communications Department, Isaac Okorafor confirmed the figures and restated the apex bank resolve to continue to intervene in the interbank foreign exchange market, in line with its pledge to sustain liquidity in the market and maintain stability.

Okorafor maintained that the continued forex intervention is to ensure that the Bank meets genuine customers’ requests in various segments of the market.