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Inter-bank Foreign Exchange: CBN Boosts Market With $210m

Inter-bank Foreign Exchange: CBN Boosts Market With $210m

CBN Governor, Godwin Emefiele;

The sum of $210 million has been injected by the Central Bank of Nigeria (CBN) to boost Nigeria’s inter-bank foreign exchange market.

This was disclosed on Tuesday, August 6th by Isaac Okorafor, the bank’s Director, Corporate Communications Department.

Explaining the figures, Okorafor said that the figures deposited by the CBN also showed that the sum of $100 million was given to authorized dealers in the wholesale sector of the market.

Also, $55 million each was given to Small and Medium Enterprise (SMEs) and the invisible segments.

According to Okoroafor, the management of the apex bank is delighted at the stability of the Nigerian foreign exchange market.

Image result for Isaac Okorafor, the bank’s Director, Corporate Communications Department.
Isaac Okorafor, the bank’s Director, Corporate Communications Department

To endeavor stability subsequently and readiness to customers demand, the Director assured that CBN will remain dedicated to improving inter-bank foreign exchange.

Recalling the last intervention, the apex bank deposited the sum of $284.2 million and CNY36 million into the retail secondary market intervention sales and in the spot and short-tenured forwards segments of the foreign exchange market respectively.

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Meanwhile, in the bureau de change segment of the market on Tuesday, the Naira exchanged at an average of N358 to a dollar.

 

 

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