CBN injects $210m into Forex Market as Naira trades flat

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The interbank segment of the Foreign Ex- change Market, on Tuesday, received a $210million boost from the Central Bank of Nigeria (CBN).

Figures obtained from the CBN indicated that authorized dealers in the wholesale segment of the market were offered $100million, while the Small and Medium Enterprises (SMEs) segment received $55million, while the remaining $55million was allocated to customers in need of forex for invisibles like tuition fees, medical payments and Basic Travel Allowance (BTA), among others.

Confirming the figures, the Director, Corporate Communications Department, Isaac Okorafor reaffirmed the Bank’s commitment towards ensuring stability in the foreign exchange market.

It will be recalled that at the last intervention on Friday, the Bank injected the sum of $294.7million and CNY31.4million into the Retail Secondary Market Intervention Sales (SMIS) segment.

Meanwhile, the Naira on Tuesday traded flat amidst federal government declaring public holiday.

At the Bureau De Exchange market, Naira was exchanged at an average of N360/$1  while it remained flat at N360.00 in the parallel market on Tuesday.

There was no trading at the FMDQ OTC market over the public holiday that was declared by federal government to mark democracy day celebration.

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