The Central Bank of Nigeria (CBN) on Tuesday intervened in the Inter-bank segment of the foreign exchange (Forex) market with the sum of $210 million to sustain the market’s liquidity.
Figures obtained from the apex bank on how the sum was allocated showed that authorized dealers in the wholesale segment of the market received the sum of $100 million.
The CBN allocated also the sum of $55million each to the Small and Medium Enterprises (SMEs) and the invisibles segments. The amount for the invisibles was meant for customers requiring it for tuition fees, medical payments and Basic Travel Allowance (BTA) amongst others.
The Director, Corporate Communications at the Bank, Isaac Okorafor, reiterated that the Bank’s continued intervention in the inter-bank sector was aimed mainly at ensuring adequate liquidity in the market, even as he noted that there was not much pressure on the naira.
Meanwhile, the naira maintained its steady rate against major currencies around the globe, exchanging for N361/$1 in the BDC segment of the market on Tuesday.