FOREX: CBN injects $210m into inter-bank market

FOREX: CBN injects $210m into inter-bank market

The Central Bank of Nigeria (CBN) on Tuesday continued its intervention in the inter-bank foreign exchange market with the injection of another $210 million.

The CBN spokesperson, Isaac Okorafor, said the interventions were directed at authorized dealers in the wholesale segment of the market, who received about $100million, while the Small and Medium Enterprises (SMEs) and the invisibles segments were allocated about $55 million each.

Mr Okorafor said the interventions were part of the Bank’s resolve to always meet the request of genuine customers for foreign exchange in the various segments of the market.

Last Friday, the CBN injected a total of about $289.76 million into the retail Secondary Market Intervention Sales (SMIS) and CNY38.70million in the spot and short-tenored forwards of the inter-bank foreign exchange market.

Meanwhile, the naira on Tuesday, January 29 continued to exchange at an average of N360/$1 in the Bureau De Change (BDC) segment of the market.