The Central Bank of Nigeria on Tuesday injected the Inter-Bank Foreign Exchange (Forex) market with the sum of $210 million to sustain the market’s liquidity.
Data from the apex bank showed that authorized dealers in the Wholesale segment of the market received $100 million while the Small and Medium Enterprises, SMEs, segment got the sum of $55 million.
In addition, customers requiring foreign exchange for invisible needs such as tuition fees, medical payments and Basic Travel Allowance and BTA, among others, also received the sum of $55 million
The bank’s Acting Director, Corporate Communications Department, Isaac Okorafor, assured Forex users that the bank would continue to meet their needs in furtherance of its promise to sustain liquidity and maintain market’s stability.
According to him, the apex bank’s interventions in the Forex market is aimed at ensuring efficient management of the nation’s foreign reserves by ensuring that only genuine customers have access to foreign exchange through the market.
Meanwhile, the naira sustained its exchange rate stability against other foreign currencies in the Forex market yesterday, exchanging at an average of N360/$1 in the BDC segment of the market.