$210m boost in Inter-Bank Forex Market

The inter-bank foreign exchange market in Nigeria received another injection of support in the sum of 210 million dollars from the Central Bank of Nigeria(CBN).

According to figures disclosed by the bank on Wednesday, $100 million was allocated to authorized dealers as part of its intervention in the wholesale market segment. Simultaneously, the small and medium enterprises (SMEs) sector received $55 million, while customers seeking foreign exchange for expenses such as tuition fees, medical costs, and Basic Travel Allowance (BTA) were granted $55 million. This initiative aimed to enhance liquidity and stabilize the forex market, ultimately supporting currency exchange operations within the economy.

These transactions were confirmed in a statement by Isaac Okorafor, the Director of the Corporate Communications Department. He highlighted the necessity of these efforts to bolster investor and public confidence in the market’s stability. Okorafor further emphasized the bank’s commitment to maintaining the availability of foreign exchange to alleviate exchange rate pressures and meet customer demands.

In a prior intervention in April 2019, the CBN had injected $254.8 million and CNY34.8 million into the Retail Secondary Market Intervention Sales (SMIS) category.

On a related note, in the Bureau De Change segment of the market, on Wednesday, July 24, 2019, the Naira exchanged at an average rate of N357 to one United states dollar.

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