Home Forex CBN Pumps in another $413.5m (£326.80m) Into Forex Market

CBN Pumps in another $413.5m (£326.80m) Into Forex Market

by Jonathan Adams

The Central Bank of Nigeria (CBN) yesterday announced that it has intervened in the inter-bank Foreign Exchange market to the tune of $413.5 million (£326.80 million), further underscoring its resolve to guarantee liquidity in the market as well as shore up the international value of the naira.

Giving a breakdown of the Bank’s latest round of intervention yesterday, the CBN acting director, Corporate Communications, Mr. Isaac Okorafor said the sum of $100 million (£79.02 million) was offered to dealers in the wholesale window, while the Small and Medium Enterprises (SMEs) window was allocated $28 million. The invisibles segment was allocated the sum of $25.5 million (£20.15 million) to meet the needs of those requiring forex for Business/Personal Travel Allowances, school tuition, medicals, etc.

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