Naira Improves As CBN Releases $210m Into Forex Market

The Naira has continued to maintain its stability in the FOREX market, exchanging at an average of N362/$1 in the BDC segment of the mark, News Agency of Nigeria has reported.

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This comes after the Central Bank of Nigeria (CBN) pumped $210 into the market to boost the inter-bank Foreign Exchange.

The Bank again on Tuesday offered the sum of $100 million to authorized dealers in the wholesale segment of the market.

The Small and Medium Scale Enterprises (SMEs) segment received the sum of $55 million while the sum of $55 million was apportioned to invisibles such as tuition fees, medical payments and Basic Travel Allowance (BTA).

The Bank’s Acting Director, Corporate Communications Department, Mr. Isaac Okorafor, said that the bank has the capacity to continue to sustain the foreign exchange intervention.

Okorafor urged authorized dealers to help sustain the confidence in the foreign exchange market by continuing to honour requests from customers with genuine needs.

It will be recalled that the Central Bank of Nigeria last Friday, May 4, 2018 intervened in the Secondary Market Intervention Sales (SMIS) to the tune of $349.34m.

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