Home Banking CBN supplies $210mn into inter-bank forex market

CBN supplies $210mn into inter-bank forex market


The Central Bank of Nigeria (CBN) on Tuesday provided the sum of $210 million to boost foreign exchange liquidity in the inter-bank Foreign exchange (Forex) market, and by so doing, meeting customers’ needs in the market.

Statistics on the allocation of the forex to the various segments showed that the apex bank provided $100 million for the authorized dealers in the wholesale segment of the market. The Small and Medium Enterprises (SMEs) and the invisibles segments each got $55 million.

The invisible needs comprise tuition fees, medical payments and Basic Travel Allowance (BTA), among others.

The apex bank’s Acting Director, Corporate Communications, Isaac Okorafor, reassured forex users and the public that the bank was committed to intervening in the forex market in line with its monetary policy measures targeted at sustaining the market’s liquidity and stability.

It would be recalled that the apex bank had last Thursday and Friday supplied $543.22 million and CNY 63.21 million into the inter-bank forex market.

At the end of today’s trading, the Naira sustained its exchange rate stability in the BDC segment of the market, exchanging at N361/$1.