Central Bank Intensifies Forex Supply With $255m

The Central Bank of Nigeria (CBN) on Monday, injected over $255 million in to the foreign exchange market.

 A breakdown of what market watchers termed as another massive intervention indicated that the sum of $100 million was released for the wholesale segment of the market for both spots and forwards.

It was also pointed out that  Basic Travel Allowance (BTA) which comes under invisibles segment garnered $50 million.

while the Small and Medium Scale Enterprises (SME) segment got $55 million.expectation of the CBN is fast being attained with the Naira exchange rate hovering between N375 and N385 to the Dollar.

Isaac Okorafor, the Acting Director, Corporate Communications Department at the CBN, said through a statement in Abuja that the Investors and Exporters segment of the market had so far recorded a trade volume in the sum of $1.1 billion from both the CBN and autonomous windows which according to him, was an indication of the appreciable level of confidence in the foreign exchange management by foreign investors and autonomous suppliers of foreign exchange to the market.
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