Another $210m Injected Into The Forex Market

By Ikenga Chronicles November 14, 2018

Another $210m Injected Into The Forex Market

The Central Bank of Nigeria (CBN) on Tuesday injected the sum of $210 million into the inter-bank foreign exchange (forex) market.

Figures obtained from CBN indicate that the authorised dealers in the wholesale segment of the market received the sum of $100 million while the Small and Medium Enterprises (SMEs) and invisibles segments were allotted the sum of $55 million each.

Director, Corporate Communications Department, Mr. Isaac Okorafor, stated that CBN would continue to sustain liquidity in the forex market as he noted that the naira will get stronger.

The CBN had on Friday, November 2, made interventions to the tune of $337.16 million in the retail Secondary Market Intervention Sales (SMIS) and CNY 56.17 million in the spot and short-tenored forwards segment of the foreign exchange market.

Meanwhile, the naira on Tuesday, November 13, 2018 exchanged at an average of N360/$1 in the BDC segment of the market.