Home > Business > Forex Market gets another $210m boost from CBN

Forex Market gets another $210m boost from CBN



The interbank window of Nigeria’s Foreign Exchange market on Tuesday, December 12, received yet another boost of $210,000,000.00 from the Central Bank of Nigeria (CBN).

According to figures obtained from the Bank, Tuesday’s interventions were for the Wholesale, Small and Medium Enterprises (SMEs) and invisibles segments of the market.

The Acting Director, Corporate Communications at the CBN, Mr. Isaac Okoroafor disclosed that the Bank offered the sum of $100million to the wholesale segment, while the SMEs and invisibles segments each received the sum of $55 million.

Also Read This:  N13bn: NSA, NIA still clash over recovered cash as Asinbajo Panel sumbmits report this week

He reiterated that the releases were meant to boost liquidity, trade and ease of remittances for legitimate personal commitments.

In spite of the stable rate of N360/$1 and the expected inflow from various sources such as the Eurobond and remittances from the Diaspora, Okoroafor said the Bank would continue to intervene in the inter-bank forex market to guarantee liquidity.

While also noting that the interventions had largely checked unwholesome activities of currency speculators, he said that the CBN would not relent in its daily monitoring of activities in the market in order to ensure that all concerned operate in line with extant rules.

Also Read This:  President Zuma begins two-day visit to Imo today

Meanwhile, the naira maintained its steady rate against major currencies around the globe, exchanging for N360/$1 in the BDC segment of the market on Tuesday, December 12.

Share Button

Leave a Reply

Your email address will not be published. Required fields are marked *