Forex: CBN boosts Wholesale Segment, others with $210 Million

ABUJA – In its last intervention for the month of July, the Central Bank of Nigeria (CBN) has injected the sum of $210 million into the inter-bank Foreign Exchange Market.

Figures obtained from the CBN on Tuesday, July 30, 2019, indicated that authorized dealers in the wholesale sector of the market received $100 million, while the Small and Medium Enterprises (SMEs) and the invisibles segments were allocated the sum of $55 million each.

The Director, Corporate Communications Department at the CBN, Mr. Isaac Okorafor, said the efforts of the CBN had helped to ensure the stability of the Naira. This, according to him, had also increased the level of investors and public confidence in the economy.

It will be recalled that the Central Bank of Nigeria had in the last intervention on Friday July 26, 2019, injected the sum of $284.2million and CNY36million into the Retail Secondary Market Intervention Sales (SMIS) segment.

Meanwhile, the Naira on Tuesday, July 30, 2019, exchanged at an average of N358/$1 in the BDC segment of the market.