The Central Bank of Nigeria (CBN), on Tuesday, supplied $210 million to meet end users’ needs in the Inter-Bank segment of the Foreign Exchange market.
Data sourced from the apex bank showed that authorized dealers in the wholesale segment of the market received $100 million compared to the Small and Medium Scale Enterprises’ (SMEs’) allocation of $55 million. The sum of $55 million was allocated to invisibles such as tuition fees, medical payments and Basic Travel Allowance (BTA).
Confirming the intervention, the Bank’s Acting Director, Corporate Communications Department, Isaac Okorafor, stated that the monetary measure was in furtherance of the bank’s determination to ensure adequate liquidity in the Forex market.
Okoroafor appealed to authorized dealers to help sustain the confidence in the Forex market by continuing to honour requests from customers with genuine needs.
It would be recalled that last Friday, the apex bank intervened in the Secondary Market Intervention Sales (SMIS) to the tune of $349.34 million.
Meanwhile, the national currency (Naira) maintained its exchange rates stability with the US dollar and other foreign currencies, exchanging at N362/$1 in the BDC segment of the Forex market.