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CBN Puts Fresh $364m into Inter-Bank Forex Market CBN Puts Fresh $364m into Inter-Bank Forex Market

Economy

CBN Puts Fresh $364m into Inter-Bank Forex Market

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By Modupe Gbadeyanka

As part of its continued efforts to sustain liquidity in the foreign exchange market, the Central Bank of Nigeria (CBN) on Tuesday released fresh $364.2 million into the inter-bank market.

It was gathered that the apex bank received requests from authorized forex dealers on behalf of their customers concerning the latest intervention.

In the fresh injection, the Retail Secondary Market Intervention Sales (SMIS) was allotted $264.2 million, while authorised dealers in the wholesale window received $100 million.

The central bank said it would continue to sustain the momentum and ensure genuine forex requests were met.

Since February this year, the apex bank has continued to provide succour to the forex market in the country.

This has helped closed the wide gap between the interbank and parallel segments of the foreign exchange market.

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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