CBN Injects $205m into Forex Market

The Central Bank of Nigeria (CBN) on Tuesday, May 28, 2019, injected the sum of $205m into the Inter-bank Foreign Exchange Market, in its continued push to sustain liquidity in the sector.
Figures obtained from the CBN indicated that authorized dealers in the wholesale segment of the market were offered the sum of $100 million, while the Small and Medium Enterprises (SMEs) segment received the sum of $55 million. The sum of $50m was allocated to customers requiring foreign exchange for Invisibles such as tuition fees, medical payments and Basic Travel Allowance (BTA), among others.

Disclosing this in Abuja, the Director, Corporate Communications Department at the CBN, Mr. Isaac Okorafor, said that the Bank’s effort had helped to guarantee stability in all the exchange rate windows. He further noted that the dogged implementation of the country’s foreign exchange restriction to some 43 items had boosted activities in the industrial sector. He also noted that the move had equally increased the level of confidence investors and the public had in the Naira.

It will be recalled that at the last intervention, the Bank injected the sum of $268.6m and CNY29.2million into the Retail Secondary Market Intervention Sales (SMIS) segment.
Meanwhile, the Naira on Tuesday, May 28, 2019, exchanged at an average of N361/$1 in the BDC segment of the market.

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