CBN INJECTS ANOTHER $210 MIILLION TO THE FOREX MARKET

The Central Bank of Nigeria (CBN) injected another $210 million to the various segment of the Forex market. This activity is usually to meet customers request in the various segments of inter- bank foreign exchange market.

According to the a press statement from CBN’s Corporate Communication Department that gave the breakdown on Tuesday, 26^th of June, 2018, the CBN offered $100 million to authorised dealers in the wholesale segment of the market, while the Small and Medium Enterprise (SMEs), segment got a boost with the sum of $55 million.

Again, $55 million was allocated to customers requesting for foreign exchange to settle invisibles like medical bills, tuition fees, Basic Travel Allowances, among others.

Meanwhile, the naira continued to be stable in the Forex market at an exchange rate of N361/$1 in the BDC segment of the market on Tuesday, 26^th of June, 2018.

It would be recalled that the CBN on Thursday, 21^st of June, 2018, injected $210 million to carter for requests in the wholesale segment of the foreign market.

The CBN’s regular intervention has indeed helped to keep the Naira/Dollar exchange stable.

Oru Leonard Oru 27/06/2018