CBN Supplies Forex Market $210m

By Adedapo Adesanya

The interbank segment of the Foreign Exchange (forex) Market received a fresh boost of $210 million from the Central Bank of Nigeria (CBN) on Tuesday, July 16, 2019.

The CBN Director of Corporate Communications Department, Mr. Isaac Okorafor, made this known in a statement in Abuja yesterday.

Figures obtained from the CBN showed that authorized dealers in the wholesale segment of the market were again offered the sum of $100 million, while the Small and Medium Enterprises (SMEs) window received the sum of $55 million.

The total sum of $55 million was equally allocated to customers requiring foreign exchange for Invisibles such as tuition fees, medical payments and Basic Travel Allowance (BTA), among others.

Mr Okorafor, in the statement, reaffirmed the bank’s commitment towards sustaining the level of stability in the foreign exchange market.

Recall that on Friday, July 12, 2019 the apex bank made an intervention of $298.7 million and CNY39.6 million for the Retail Secondary Market Intervention Sales (SMIS) segment.

This was done to ensure the local currency remains stable against its peers at the foreign exchange market, an exercise it has carried out since it sealed a currency swap deal with China in 2018.

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

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