Journalism of Courage

CBN invests $210m in Nigeria’s FX market

A fresh investment of $210 million has been made by the Nigerian central bank into the country’s inter-bank foreign exchange market, “in its determination to boost supply in that sector of the market” the bank’s spokesperson said on Tuesday.

Isaac Okorafor, Director, Corporate Communications at the central bank said the CBN offered the total sum of $100million to the wholesale segment and offered the sum of $55 million to the Small and Medium Enterprises (SMEs) segment.

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The invisibles segment, comprising tuition fees, medical payments and Basic Travel Allowance (BTA), among others, also received $55 million, he said.

Meanwhile, the naira continued to maintain its stability in the FOREX market, exchanging at an average of N356/$1 in the BDC segment of the market on Tuesday, February 19, 2019.

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