CBN boosts Forex market with $210m

By Chioma Obinagwam

The Central Bank of Nigeria (CBN), on Tuesday, has further deepened its intervention in the Inter-Bank Foreign Exchange (Forex) market after injecting $210 million into the various segments of the market.

CBN Director, Corporate Communications, Mr Isaac Okorafor, disclosed in a statement in Abuja.
Okorafor said that the CBN, which is also the apex bank, offered $100 million as wholesale interventions and allocated $55 million to Small and Medium Enterprises.

He said that another $55 million was allocated to customers requiring foreign exchange for business and personal travels, tuition or medical fees.

The director explained that Tuesday’s interventions were in continuation of the bank’s resolve to sustain the high level of stability in the foreign exchange market.

According to him, it is also to continue to ease access to the currency by customers in different sectors.

Okorafor said the CBN was optimistic that the Naira would sustain its run against the dollar and other major currencies around the world, considering the level of transparency in the market.

Confiance News gathered that in spite of election activities, the Naira continues to maintain its stability in the Forex market, exchanging at an average of N356 to a dollar at the Bureau de Change (BDC) segment.

However, the Naira on Tuesday lost marginally against the dollar at the parallel market in Lagos, closing at N359 to the dollar.