Naira Stable As CBN Boosts Forex Market With $210m
In its quest to meet customers’ needs in the various segments of the foreign exchange market, the Central Bank of Nigeria (CBN) on Tuesday, July 31, injected $210million into various segments of the forex market.
The apex bank offered $100million to authorized dealers in the wholesale segment of the market, while the Small and Medium Enterprises (SMEs) segment got boosted with the sum of $55 million.
Customers requesting foreign exchange for invisible such as tuition fees, medical payments and basic travel allowance (BTA), among others, were also allocated $55 million.
It will be recalled that the Bank last Friday, July 27, 2018 and following the earlier take-off of its intervention in the sale of foreign exchange in Chinese Yuan (CNY), injected the sum $340, 507, 376.51 into the interbank retail Secondary Market Intervention Sales. This was in addition to the sale of CNY 69,858,087.15 in the spot and short tenored forwards.
Meanwhile, the naira continued its stability in the FOREX market, exchanging at an average of N360/$1 in the BDC segment of the market on Tuesday, July 31, 2018.