Forex Market Gets $210m Intervention from CBN

The interbank foreign exchange market on Tuesday received the sum of $210 million from the Central Bank of Nigeria (CBN), to meet customers’ requests in various segments of the market.

In its determination to meet the customers’ needs in the sundry segments of the market, the CBN offered $100 million to authorised dealers in the wholesale segment of the market, while the SMEs segment got the sum of $55 million, according to figures obtained from the Bank.

The figures also indicated that customers needing foreign exchange for invisibles such as tuition fees, medical payments and Basic Travel Allowance (BTA), among others, were also allocated the sum of $55 million.

The Bank’s Acting Director, Corporate Communications Department (CCD), Mr. Isaac Okorafor, assured Nigerians that the Bank will continue to intervene in the interbank foreign exchange market, in line with its pledge to sustain liquidity in the market and maintain stability.