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Nigeria’s forex market again gets $210m boost from CBN

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By Ruth Olurounbi

 

The Central Bank of Nigeria (CBN), on Tuesday injected another round of  $210 million into the foreign exchange market, following the $327 million Retail Secondary Market Intervention Sales (SMIS) intervention in the agricultural and raw materials and CNY 69 million in the spot and short-tenored forwards last Friday.

The naira exchanged for N360/$1 in the BDC segment of the market on Tuesday, August 14, 2018.

The apex bank offered the sum of $100,000,000 as wholesale interventions and allocated the sum of $55,000,000 each for Small and Medium Enterprises (SMEs) forex window and the invisibles sector, for customers requiring forex for Business/Personal Travel Allowances, tuition as well as medical fees, at the Tuesday trading, Acting Director, Corporate Communications at the CBN, Mr. Isaac Okorafor, confirmed.

Okorafor, who said the bank was pleased at the performance of the naira, as that the currency has “continued to enjoy stability against the dollar and other major currencies of the world in recent times,” assured that the CBN will continue to intervene in the interbank foreign exchange market in line with its resolve to ensure liquidity in the forex market and maintain stability.

Meanwhile, the CBN will tomorrow sensitize stakeholders in Abuja and the adjoining states on the Bilateral Currency Swap Agreement between the CBN and the People’s Bank of China (PBoC) signed on April 27, 2018.

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