The Central Bank of Nigeria, CBN, yesterday pumped $195 million into the Inter-bank Foreign Exchange, FOREX, market
as part of its efforts to sustain forex liquidity.
The bank offered a total sum of $100 million to the wholesale segment, while the Small and Medium Enterprises, SMEs, segment received $50 million. The invisibles segment, comprising tuition fees, medical payments and Basic Travel Allowance, BTA, among others, got $45 million.
Isaac Okorafor, acting director, Corporate Communications Department, CBN, said the apex bank was pleased with the state of the forex market, adding that the Bank would continue to intervene in order to sustain the liquidity in the market and guarantee the international value of the naira.
Okorafor stated that the CBN remained determined to sustain the provision of forex with a view to ensuring liquidity in the market and enhance accessibility and affordability for genuine end users.
The CBN last week intervened in the various segments of the Forex market with the sum of $698.5 million.
The naira has remained stable exchanging at an average of N364/$1 in the BDC segment of the forex market.