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ICT4D Week 2018

Wednesday, June 27, 2018

Why CBN injected latest $210m into Forex Market - ITREALMS Online

The Central Bank of Nigeria (CBN) has explained why it injected on Tuesday the sum of $210 million into the Foreign Exchange regime, saying its to assuage customers’ requests and needs in the inter-bank foreign exchange market, reports ITRealms.

CBN, ITRealms gathered took this step in the bid to meet demands in various fragments of the market had offered $100 million to authorized dealers in the wholesale, whereas the Small and Medium Enterprises (SMEs) dealers received the sum of $55 million.

Figures made available by CBN on Teusday, June 26, 2018, showed customers requesting foreign exchange for invisibles such as tuition fees, medical payments and Basic Travel Allowance (BTA) to name a few, hence they were allocated the sum of $55 million.

ITRealms  recollects that CBN had last week Thursday, made similar intervention to the tune of $210 million for requests in the wholesale forex market.

However, ITRealms reports that Naira stability in the FOREX market is steady as it exchanges at an average of N360/$1 in the Bureau De Change (BDC) sections of the market on Tuesday, June 26, 2018.

Ayo Midele/GEE

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