The Central Bank of Nigeria has again released the sum of $210,000 million on the Nigerian Interbank Market in continuation of its mediation in the inter-bank foreign exchange market, to sustain the availability of cash in that segment of the market.
From the figures released by the CBN:
- Authorized dealers in the wholesale segment of the market, as in previous deals, were offered the sum of $100million.
- Those in the Small and Medium Enterprises (SMEs) segment got a boost of $55 million.
- Customers purchasing foreign exchange for invisibles such as tuition fees, medical payments and Basic Travel Allowance (BTA), among others, were also allotted a total of $55 million.
Related: Nigerian Forex Market Gets $210m CBN Boost
This has not in any way, however, changed the exchange rate of the Naira as it is still on N360/$1 in the BDC segment of the market, Thursday morning.
Charles Rapulu Udoh
Charles Rapulu Udoh a Lagos-based Lawyer with special focus on Business Law, Intellectual Property Rights, Entertainment and Technology Law. He is also an award-winning writer. Working for notable organisations so far has exposed him to some of industry best practices in business, finance strategies, law, dispute resolution and data analytics both in Nigeria and across the world.