CBN injects $210m into forex market

The Central Bank of Nigeria (CBN) intervened in the forex market by supplying the inter-bank foreign exchange market with the sum of $210 million.

The bank offered the sum of $100m to authorized dealers in the wholesale segment of the market, while the Small and Medium Enterprises (SMEs) segment received the sum of $55m

Also, the sum of $55m was apportioned to invisibles such as tuition fees, medical payments and Basic Travel Allowance (BTA).

The CBN Acting Director, Corporate Communications Department, Mr. Isaac Okorafor, in a statement, said “the bank’s continued intervention in the forex market is to ensure the availability of foreign exchange to genuine customers.

“The naira, on Wednesday, May 30, 2018, exchanged at an average of N363/$1 in the BDC segment of the market representing three naira gain to the dollar. It had on the previous day exchanged for N367.”

The apex bank recently ordered banks not to deny genuine travelers Personal Travel Allowance (PTA) and Business Travel Allowance (BTA) as there are enough dollar supplies to meet demand.