Forex market gets $210 million CBN Boost

April 16, 2019
121 Views

ABUJA – The interbank segment of the Foreign Exchange Market has received a boost of $210 million from the Central Bank of Nigeria (CBN) following sales concluded on Tuesday, April 16, 2019.

According to figures obtained from the Bank, authorized dealers in the wholesale segment of the market were offered the sum of $100million.

Similarly, the Small and Medium Enterprises (SMEs) segment received the sum of $55 million, while customers requiring foreign exchange for invisibles such as tuition fees, medical payments and Basic Travel Allowance (BTA), among others, were also allocated the sum of $55 million.

The Director, Corporate Communications Department, Mr. Isaac Okorafor confirmed the transactions and disclosed that the effort of the Bank had helped to reduce exchange rate pressures across all segments of the market.

According to him, the stability of the exchange rate underscored the level of confidence investors and the public had in the Naira.

It will be recalled that the Bank, at its last intervention on Friday, April 5, 2019, injected the sum of $247.8 million and CNY34.8 million into the Retail Secondary Market Intervention Sales (SMIS) segment.
Meanwhile, the Naira on Tuesday, April 16, 2019, exchanged at an average of N360/$1 in the BDC segment of the market.

You may be interested

Tinubu Swipes at Buhari, Mocks Economic Policies
News
5 views
News
5 views

Tinubu Swipes at Buhari, Mocks Economic Policies

Webby - March 27, 2021

Bola Tinubu, the purported national Leader of the All Progressives Congress, APC, has blasted the economic policies of President Muhammadu…

How jailed Professor rigged Election for PDP, not me – Akpabio
News
News

How jailed Professor rigged Election for PDP, not me – Akpabio

Webby - March 27, 2021

The Minister of Niger Delta Affairs, Senator Godswill Akpabio, has said the jailed Professor Peter Ogban, who was found guilty…

PDP Accuses APC of Total Rigging in Aba North/South Bye Election
News
1 views
News
1 views

PDP Accuses APC of Total Rigging in Aba North/South Bye Election

Webby - March 27, 2021

Chimaobi Ebisike, the People’s Democratic Party, PDP, Candidate in the Aba North/South bye-election holding today in the Federal Constituency has…

Leave a Comment

Your email address will not be published.