Forex: CBN boosts Inter-Bank sector $210m

May 17th, 2018

By Chika Otuchikere

The Central Bank of Nigeria (CBN) on Tuesday, intervened in the inter-bank Foreign Exchange Market with the sum of $210million to boost liquidity in the system.

The figures released by the Bank indicate that it allocated the sum of $100million to dealers in the wholesale sector, just as the Small and Medium Enterprises (SMEs) segment and invisibles each received the sum of $55 million.

The Acting Director of Corporate Communications Department (CCD) at the Bank, Mr. Isaac Okorafor, who confirmed the releases, said that the continued interventions in the interbank foreign exchange market was mainly to ensure sustained liquidity and stability in the market.

According to him, the interventions by the CBN had impacted the market positively and guaranteed a stable exchange rate for the Naira, which has since stabilized the foreign exchange market.

He reiterated that the Bank’s intervention moves had also seen to a reduction in the country’s import bills and accretion to its foreign reserves.

Meanwhile, the naira exchanged at N362/$1 in the BDC segment of the market on Tuesday.

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