CBN Supplies $210m to Forex Dealers to Strengthen Naira

By Modupe Gbadeyanka

The sum of $210 million was released to the foreign currency market on Tuesday by the Central Bank of Nigeria (CBN).

This was done to sustain the flow of foreign exchange at the market, thereby easing the pressure on the local currency.

The $210 million injected into the forex market yesterday, according to the apex bank, was also to meet customers’ requests in various segments of the market.

In a statement issued yesterday by the central bank, $100 million was allotted to authorised dealers in the wholesale segment of the market, while the Small and Medium Enterprises segment was given $55 million.

In addition, another $55 million was provided for customers requesting forex for invisibles such as tuition fees, medical payments and basic travel allowance.

“The CBN, following the earlier take-off of its intervention in the sale of foreign exchange in Chinese yuan, injected the sum $340,507,376.51 into the interbank retail secondary market intervention sales.

“This was in addition to the sale of CNY69,858,087.15 in the spot and short-tenored forward,” the statement by the CBN on Tuesday said.