Forex Market Receives $195m Boost From CBN

The Central Bank of Nigeria (CBN) on Monday boosted the foreign exchange market with $195 million intervention.

The Acting Director, Corporate Communications Department of CBN, Mr. Isaac Okoroafor, disclosed this in a statement on Monday in Abuja.


He said: “In the wholesale segment of the inter-bank foreign exchange market, the bank auctioned $100m and also intervened in the Small and Medium Enterprises (SMEs) with $50 million.

“The invisible segments also had $45 million intervention.”

Okorafor reaffirmed the CBN’s commitment to sustain liquidity in the market to ensure that genuine requests for forex were met as well as improve liquidity and flexibility in the market.

The last intervention followed last week’s injection of $462,336,426.74 to the market.

About $267 million was offered for the Retail Secondary Market Intervention Sales (SMIS), while $100 million was offered as wholesale interventions.

NAN