By Modupe Gbadeyanka
As part of its efforts at boosting Dollar liquidity in the foreign exchange market, the Central Bank of Nigeria (CBN) has injected another $482.6 million into the market.
The apex bank released the money on Tuesday and shared it among four major forex segments it created; retail Secondary Market Intervention Sales (SMIS), wholesale SMIS, invisibles, and the Small and Medium Enterprises (SMEs).
Acting Director in charge of Corporate Communications at the CBN, Mr Isaac Okorafor, explained that the release of the latest intervention was in line with the bank’s determination to ease off pressure on the local currency, which is hovering around N380 to the Dollar.
A breakdown of the latest CBN intervention showed that Retail SMIS was allotted about $285.8 million, while the wholesale SMIS got $100 million.
Also, $45 million was shared for the invisibles, comprising tuition and medical fees, Basic Travel Allowance (BTA), Personal Travel Allowance (PTA) among others, while the SME segment received $52 million.
more recommended stories
CCNN Nets N3.6bn Profit as Revenue Rises 213% in Q1 2019
By Dipo Olowookere On Thursday, one.
Nigerian Breweries Woes Sink Q1 2019 Profit by 22%
By Dipo Olowookere Since the Nigerian.
Investors Oversubscribe Nigeria’s 30-Year Bond by 400%
By Dipo Olowookere On Wednesday, the.
Stock Market Further Sheds 0.59% as Senate Shifts 2019 Budget Passage
By Dipo Olowookere Transactions on the.
T-Bills Market Bullish on Absence of OMO Sale
By Dipo Olowookere The absence of.
Asian Equities End Mixed as Investors Digest Upbeat Corporate Results
By Investors Hub Asian stocks ended.
European Shares Close Mixed Wednesday
By Investors Hub European stocks are.
US Stock Investors Take Breather After Tuesday’s Run to Record Highs
By Investors Hub The major U.S..