CBN Adds Additional $195m into Forex Market

By Modupe Gbadeyanka

An additional $195 million was injected into the foreign exchange market on Monday by the Central Bank of Nigeria (CBN).

This was done by the central bank to boost the market and also to sustain the supply of forex in the market.

The intervention, according to the Acting Director, Corporate Communications Department of the CBN, Mr Isaac Okorafor, was given to three segments of the market.

Mr Okorafor said $100 million was allotted to the wholesale segment, $50 million for the Small and Medium Enterprises (SMEs) forex window, and $45 million was given to sort invisible items like Business/Personal Travel Allowances, tuition and medical fees.

Last week, the apex bank sold $462.3 million to the market, made up of $267.3 million for the Retail Secondary Market Intervention Sales (SMIS).

The central bank’s spokesman emphasised that the lender will continue to sustain liquidity in the market to ensure that genuine requests are met as well as improve flexibility in the market.