CBN injects $210m into forex market

The Central Bank of Nigeria (CBN) has injected 210 million U.S. dollars into the interbank segment of the Foreign Exchange Market following sales concluded on Tuesday.

The bank’s Director, Corporate Communications Department, Mr Isaac Okorafor, made this known in a statement in Abuja on Tuesday.

Okorafor explained that the figures released by the CBN indicated that authorised dealers in the wholesale segment of the market were offered 100 million dollars while the Small and Medium Enterprises (SMEs) segment received 55 million dollars.

He said that another 55 million dollars was allocated to customers requiring foreign exchange for invisibles such as tuition fees, medical payments and Basic Travel Allowance (BTA), among others.

The director reaffirmed the bank’s commitment towards ensuring stability in the foreign exchange market.

News Agency of Nigeria (NAN) reports that CBN had on Friday, Sept. 6, injected 321.11 million U.S. dollars and CNY33.3 million into the Retail Secondary Market Intervention Sales (SMIS) segment.

Meanwhile, N357 exchanged for a dollar at the Bureau De Change (BDC) segment of the market on Tuesday.