FOREX: CBN injects $195m into interbank market

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Central Bank of Nigeria Headquaters, Abuja

The Central Bank of Nigeria (CBN) yesterday injected $195 million into various segments of the inter-bank Foreign Exchange, FOREX, market.

A breakdown of the figures released by the CBN, showed that $100 million was offered to authorised dealers in the wholesale window, just as the Small and Medium Enterprises (SMEs) window was allocated $50 million.

Those seeking forex for the purpose of Business Travel Allowance/Personal Travel Allowance, tuition and medical bills, among other invisibles, received $45 million.

The Acting Director, Corporate Communications at the CBN, Isaac Okorafor, who confirmed the figures, said the bank’s continued intervention was aimed at strengthening the international value of the naira, while ensuring accessibility to the greenback by customers who required it for genuine purposes.

The CBN had in the last round of forex intervention in the inter-bank market on June 28, injected $195 million to the wholesale, SMEs and invisibles segments of the market.

Meanwhile, a survey of markets in the Bureau de Change segment (BDCs) in Lagos, Abuja, Port-Harcourt and Kano, showed that the naira exchanged at an average of N360/$1.

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