CBN Injects $210m Into Forex Market

The Central Bank of Nigeria (CBN) has intervened in the forex market by supplying the inter-bank foreign exchange market with the sum of $210 million.

On Thursday, May 31, the apex bank offered the sum of $100m to authorized dealers in the wholesale segment of the market, while the Small and Medium Enterprises (SMEs) segment received the sum of $55m.

Also, the sum of $55m was apportioned to invisible such as tuition fees, medical payments and Basic Travel Allowance (BTA).

CBN Acting Director, Corporate Communications Department, Mr Isaac Okorafor, who revealed this in a statement, said “the bank’s continued intervention in the forex market is to ensure the availability of foreign exchange to genuine customers.

Okorafor furthered that: “The naira, on Wednesday, May 30, 2018, exchanged at an average of N363/$1 in the BDC segment of the market representing three naira gain to the dollar. It had on the previous day exchanged for N367”, he added.

ALEDEH recalls that the CBN recently ordered banks not to deny genuine travellers Personal Travel Allowance (PTA) and Business Travel Allowance (BTA) as there are enough dollar supplies to meet demand.

The development was followed by the CBN governor, Mr Godwin Emefiele, leading bank examiners to conduct an on-the-spot assessment of forex sales in deposit money banks, DMBs, on Monday, May 28, 2018.

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