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CBN injects $210m into interbank FX market

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CBN injects $210m into interbank FX market

In continuation of its efforts to ensure liquidity in the foreign exchange market, the Central Bank of Nigeria (CBN) yesterday injected another $210 million into the inter-bank Foreign Exchange Market.

 

Figures obtained from the apex bank showed that it offered $100 million to authorised dealers in the wholesale segment of the market, while the small and medium enterprises (SMEs) sector received the sum of $55 million. Also, customers requiring foreign exchange for invisibles such as tuition fees, medical payments and Basic Travel Allowance (BTA), among others, were allocated the sum of $55 million.

 

The Acting Director, Corporate Communications Department (CCD), CBN, Mr. Isaac Okorafor, who confirmed the figures, reassured the public that the regulator would continue to intervene in the interbank foreign exchange market in line with its quest to sustain liquidity and maintain stability.

 

It will be recalled that following sudden weakening of the naira witnessed in late May, the banking watchdog stepped up its intervention in the foreign exchange market, injecting a total of $2.60billion into the foreign exchange market in the month of June alone.

 

Findings by New Telegraph indicate that the it sold a total of $1.62billion through the interbank forex market and a total of $985.4million to licensed Bureaux De Change (BDCs) last month.

 

The apex bank’s frequent dollar sales have helped to keep the naira stable as the local currency has in recent weeks exchanged at N362/$ in the parallel market and at an average of N360/$1 in the BDC segment of the forex market .

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