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Home Economy CBN buoys Forex supply with $210m
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CBN buoys Forex supply with $210m

By
Prnigeria
-
November 21, 2018
CBN
CBN

CBN buoys Forex supply with $210m

The Central Bank of Nigeria (CBN) has again intervened in the interbank foreign exchange market by injecting the sum of $210million in the sales concluded on Wednesday, November 21, 2018.

Figures obtained from the Bank indicated that it offered the sum of $100million to the wholesale segment, while the Small and Medium Enterprises (SMEs) segment received the sum of $55 million. Similarly, the invisibles segment, comprising tuition fees, medical payments and Basic Travel Allowance (BTA), among others, also received a $55 million boost.

Read Also:

  • Military Eliminates Terrorist Commanders in Yobe, Foil Attacks in Sokoto, Zamfara
  • UNIMAID appoints Prof. Mu’azu as Pioneer Dean, Faculty of Communication
  • Kano Separated Conjoined Twins Return Home After Successful Surgery in S/Arabia

The Director, Corporate Communications at the CBN, Mr. Isaac Okorafor, while confirming the figures, said the CBN was pleased with the state of the Forex market, adding that the Bank will continue to intervene in order to sustain the liquidity in the market and guarantee the international value of the naira.

He said the Bank was determined to achieve its objective of exchange rate stability, thus the continued injection in the foreign exchange market. According to him, the level of transparency in the market was also a confidence boost for the market.
It will be recalled that the CBN in its last intervention window on November 16, 2018, injected the sum of $318.03m and CNY 62.18m into the Retail Secondary Market Intervention Sales (SMIS).

Meanwhile, the naira continued to maintain its stability in the FOREX market, exchanging at an average of N361/$1 in the BDC segment of the market on Wednesday, November 21, 2018.

By PRNigeria

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Military Eliminates Terrorist Commanders in Yobe, Foil Attacks in Sokoto, ZamfaraUNIMAID appoints Prof. Mu’azu as Pioneer Dean, Faculty of CommunicationKano Separated Conjoined Twins Return Home After Successful Surgery in S/ArabiaCourt Okays DSS Request to Accelerate Trial of Al-Barnawi, 4 Other TerroristsKano Government Approves ₦1.1bn for School Uniforms to Tackle Out-of-School Children CrisisPolice Chief Tasks Border Patrol Commanders on Enhanced SecurityAir Chief Links Fiscal Discipline to Nigeria’s National Security, Operational ReadinessArmy Arrest Notorious Cattle Rustlers, Recover Arms in PlateauTroops Repel Bandits’ Attacks in Kaduna, Katsina, Recover Rustled CattleMining Marshals and the Fight for Nigeria’s Mineral Future By Zekeri Idakwo LarubaNIPR Inducts 422 New Members, Urges Commitment to National UnitySowore’s Provocation, Onanuga’s Plea and the DSS OverreachNigerian Troops Intercept Ransom Money, Recover 160 Rustled CattlePolice Nab 'Obi of Lagos,' Foil ₦1.5 Billion New Palace FraudRenewed Hope and the Broadening Public Sphere By Ahmed Balarabe Sa’id
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