Interbank forex market gets $210m boost from CBN

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The Central Bank of Nigeria (CBN) yesterday intervened with the sum of $210 million to sustain liquidity in that segment of the market.

According to the figures released by the CBN, authorized dealers in the wholesale segment of the market, as in previous deals, were offered the sum of $100 million, while those in the Small and Medium Enterprises (SMEs) segment got a boost of $55 million. Customers purchasing foreign exchange for invisibles such as tuition fees, medical payments and Basic Travel Allowance (BTA), among others, were also allotted a total of $55 million.

The bank’s Director, Corporate Communications Department, Isaac Okorafor confirmed the transactions, reiterating that the CBN will continue to ensure the availability of foreign exchange in order to ensure continued stability in the markets.

In its last intervention on Thursday, April 18, the bank injected the sum of $254.8million and CNY34.8 million into the Retail Secondary Market Intervention Sales (SMIS) segment.

Meanwhile, the Naira exchanged at an average of N360/$1 in the Bureaux De Change segment of the market.

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Godwin Okafor is a Financial Journalist, Internet Social Entrepreneur and Founder of Naija247news Media Limited. He has over 16 years experience in financial journalism. His experience cuts across traditional and digital media. He started his journalism career at Business Day, Nigeria and founded Naija247news Media in 2010. Godwin holds a Bachelors degree in Industrial Relations and Personnel Management from the Lagos State University, Ojo, Lagos. He is an alumni of Lagos Business School and a Fellow of the University of Pennsylvania (Wharton Seminar for Business Journalists). Over the years, he has won a number of journalism awards. Godwin is the chairman of Emmerich Resources Limited, the publisher of Naija247news.

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