More money is now available on the interbank segment of the Foreign Exchange Market which has received a boost of $210 million from the Central Bank of Nigeria (CBN) following sales concluded on Tuesday, April 16, 2019.
What this means is that there is now more money on the Foreign Exchange market for investors to access. The Central Bank of Nigeria’s figures obtained shows that authorized dealers in the wholesale segment of the market were offered the sum of $100million, while Small and Medium Enterprises (SMEs) segment got $55 million. For customers who need foreign exchange for tuition fees, medical payments and Basic Travel Allowance (BTA) and others, the sum of $55 million has been allocated.
The Director, Corporate Communications Department of the Central Bank of Nigeria Mr. Isaac Okorafor believes that efforts of the CBN had helped to reduce exchange rate pressures across all segments of the market.
The last time any such intervention came from the bank is Friday, April 5, 2019, when it injected the sum of $247.8 million and CNY34.8 million into the Retail Secondary Market Intervention Sales (SMIS) segment.
The current exchange rate for Naira as at Tuesday, April 16, 2019, is N360/$1 in the BDC segment of the market.
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