The Central Bank of Nigeria (CBN) on Tuesday supplied $210 million into the foreign exchange market, to meet customers’ requests in various segments of the market.

An analysis of the forex supply based on figures provided on the intervention by the bank showed that authorized dealers in the wholesale segment of the market got $100 million, while the Small and Medium Enterprises (SMEs), segment got $55 million.

Also, the figures showed that customers trading in the invisibles such as tuition fees, medical payments and Basic Travel Allowance (BTA) among others, were also allocated $55 million.

CBN’s Acting Director in charge of the Corporate Communications Department (CCD), Isaac Okorafor
CBN’s Acting Director in charge of the Corporate Communications Department (CCD), Isaac Okorafor

The Acting Director, Corporate Communications Department of the apex bank, Isaac Okorafor, stated that the bank’s commitment to continue to intervene in the inter-bank foreign exchange market, was in line with its pledge to sustain liquidity and ensure market stability.

It would be recalled that the bank last Monday, June 4, also intervened with $210 million to cater for requests in the wholesale segment of the market.

This is even as it also approved an upward review of the trading margin available to operators of Bureau De Change, BDC, allowing them to buy US dollars at N357/$1 and selling at N360/$1, thereby leaving them with a positive margin of N3.00 per dollar sold.

Meanwhile, as at the end of trading in the forex parallel market yesterday, the naira sustained its exchange rate stability trend, selling at an average of N360/$1.