CBN boosts Forex market with $210 million

Posted by News Express | 31 July 2019 | 878 times

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•CBN Director, Corporate Communications, Isaac Okorafor

In its last intervention for the month of July, the Central Bank of Nigeria (CBN) has injected the sum of $210 million into the inter-bank Foreign Exchange Market.

Figures obtained from the CBN on Tuesday, July 30, 2019, indicated that authorised dealers in the wholesale sector of the market received $100 million, while the Small and Medium Enterprises (SMEs) and the invisibles segments were allocated the sum of $55 million each.

The Director, Corporate Communications Department at the CBN, Mr. Isaac Okorafor, said the efforts of the CBN had helped to ensure the stability of the Naira. This, according to him, had also increased the level of investors and public confidence in the economy.

It will be recalled that CBN had in the last intervention on Friday July 26, 2019, injected the sum of $284.2 million and CNY36 million into the Retail Secondary Market Intervention Sales (SMIS) segment.

Meanwhile, the Naira on yesterday exchanged at an average of N358/$1 in the BDC segment of the market.



Source: News Express

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