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CBN Sustains Forex Intervention, Injects Fresh $210m

The Central Bank of Nigeria (CBN), on Tuesday, injected the sum of $210 million into the inter-bank foreign exchange  (forex) market. The Bank offered $100million to authorized dealers in the wholesale  segment of the market, while the Small and Medium Enterprises (SMEs)  segment got the sum of $55 million, just as $55 million was also allocated  for invisibles such as tuition fees, medical payments and Basic Travel  allowance (BTA). 

 

In a statement, the Bank’s Acting Director of Corporate Communications  Department, Mr. Isaac Okorafor confirmed the figures and restated the  apex bank resolve to continue to intervene in the interbank foreign  exchange market, in line with its pledge to sustain liquidity in the market  and maintain stability. Mr. Okorafor maintained that the continued forex intervention is to ensure  that the Bank meets genuine customers’ requests in various segments of  the market. 

 

Meanwhile, the naira continued to exchange at an average of N360/$1 in the Bureau De Change (BDC) segment of the market on Tuesday, July 17.

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