CBN pumps $210m into forex market

The Central Bank of Nigeria (CBN) Midweek further intervened in the forex market by supplying the the inter-bank Foreign Exchange market with the sum of $210 million.

The bank offered the sum of $100m to authorized dealers in the wholesale segment of the market while the Small and Medium Enterprises (SMEs) segment received the sum of $55m.

Also, the sum of $55m was apportioned to invisibles such as tuition fees, medical payments and Basic Travel Allowance (BTA).

The CBN’s Acting Director, Corporate Communications Department, Mr. Isaac Okorafor, said the bank’s continued intervention in the forex market is to ensure the availability of foreign exchange to genuine customers.

It will be recalled that the CBN recently ordered banks not to deny genuine travelers Personal Travel Allowance (PTA) and Business Travel Allowance (BTA) as there are enough dollar supplies to meet the demand.

That was followed by the CBN governor, Mr. Godwin Emefiele, leading bank examiners to conduct on-the-spot assessment of forex sales in the DMBs on Monday, May 28, 2018.

Meanwhile, the naira, on Wednesday, May 30, 2018, exchanged at an average of N363/$1 in the BDC segment of the market representing three naira gain to the dollar. It had on the previous day exchanged for N367, Daily Trust reports.

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