Home Business CBN Boosts Wholesale Forex Market, Others with $210m Intervention

CBN Boosts Wholesale Forex Market, Others with $210m Intervention

close-up roll of dollars on money background

Authorized dealers in the wholesale segment of the inter-bank foreign exchange market received the sum of $100million from the Central Bank of Nigeria (CBN) on Tuesday, October 9, 2018 to meet the needs of customers.

The CBN also on Tuesday allocated the sum of $55million each to the Small and Medium Enterprises (SMEs) and the invisibles segments. The figure for the invisibles  was meant for customers requiring it for tuition fees, medical payments and Basic Travel Allowance (BTA) amongst others.

Director, Corporate Communications at the Bank, Isaac Okorafor, reiterated that the Bank’s continued intervention in the inter-bank sector was aimed mainly at ensuring adequate liquidity in the market, even as he noted that there was not much pressure on the naira.

Meanwhile, the naira maintained its steady rate against major currencies around the globe, exchanging for N361/$1 in the BDC segment of the market on Tuesday, October 9, 2018.

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