CBN Intervenes In Forex Market With $210m

0
374

The interbank segment of the Foreign Exchange Market has received a fresh boost of $210 million from the Central Bank of Nigeria (CBN) following sales concluded on Tuesday, July 16, 2019.

Figures obtained from the CBN indicated that authorized dealers in the wholesale segment of the market were again offered the sum of $100million, while the Small and Medium Enterprises (SMEs) window received the sum of $55 million.

The sum of $55 million was equally allocated to customers requiring foreign exchange for invisibles such as tuition fees, medical payments and Basic Travel Allowance (BTA), among others.

The Director, Corporate Communications Department at the CBN, Mr. Isaac Okorafor, confirmed the sales, just as he reaffirmed the Bank’s commitment towards sustaining the level of stability in foreign exchange market.

It will be recalled that at the last intervention on Friday, July 12, 2019, the Bank injected the sum of $298.7million and CNY39.6million into the Retail Secondary Market Intervention Sales (SMIS) segment.

Meanwhile, the rate of exchange between the Naira and the United States dollars in the BDC segment of the market on Tuesday, July 16, 2019, was N360/$1.

SHARE
Previous articleFederal Reserve Will Only Cut Rates Once in 2019 – Fitch
Next articleEni officials tried to tamper with witness in Nigeria case – prosecutor
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.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.