On Tuesday, the Central Bank of Nigeria, CBN, boosted the Interbank Foreign Exchange Market with $210 million. This is in line with the apex bank’s sustained efforts to meet customer requirements in various segments.
CBN confirmed that $100 million was apportioned to authorized dealers in the wholesale segment of the market. $55 million was given to the Small and Medium Scale Enterprises, while $55 million was allotted to “invisibles” which include tuition fees, medical payments and Basic Travel Allowance.
The CBN recently approved an upward review of the trading margin available, allowing Bureau De Change operators to buy dollars from the CBN at N357 and sell at N360.
Mr Isaac Okorafor, CBN acting director, Corporate Communications Department, restated that the bank would continue efforts to sustain the foreign exchange intervention to bring about liquidity.
The bank had last week also intervened with $210 million to cater for requests in the wholesale segment of the market.
The naira exchanged at an average of N362 to a dollar in the Bureau De Change segment of the market, showing signs of stability.
Image Credit: femtop tech
