Home Business & Economy CBN boosts FX market with another $210m

CBN boosts FX market with another $210m

CBN boosts forex market with another $210m


The Central Bank of Nigeria (CBN) in its latest round of intervention has injected another $210 million into the interbank foreign exchange market.

According to figures from the apex bank, the authorized dealers in the wholesale segment of the market received the sum of $100 million while the Small and Medium sized Enterprises (SMEs) and invisible segments were allotted the sum of $55 million each.

Director, Corporate Communications Department, CBN, Mr. Isaac Okorafor assured that the regulator would continue to sustain liquidity in the forex market.

He also expressed optimism that the naira would continue to remain strong against the dollar and other major currencies around the world, considering the stability in the market and robust reserves.

CBN had on November 2, 2018, made interventions to the tune of $337.16million in the retail Secondary Market Intervention Sales (SMIS) and CNY 56.17million in the spot and short-tenored forwards segment of the foreign exchange market.

Meanwhile, the naira yesterday exchanged at an average of N360/$1 on the BDC segment of the market.

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