CBN Injects $142.5m Into Inter-Bank Forex Market

This intervention comes days after the CBN intervened in the retail segment of the market with $254.3 million.

The Central Bank of Nigeria (CBN) on Monday continued its intervention in the inter-bank market by injecting $142.5 million into it.

This intervention comes days after the CBN intervened in the retail segment of the market with $254.3 million.

According to a statement issued by the spokesman of the apex bank, Isaac Okorafor, the reason for the continued intervention in the market was to guarantee the international value of the naira in line with its mandate.

A breakdown of Monday’s intervention indicates that the bank offered 100 million dollars to dealers in the wholesale segment, while it allocated 23 million dollars to the Small and Medium Enterprises (SMEs) segment.

Also, those requiring foreign exchange for tuition fees, medical payments, business and personal travel allowances received 19.5 million dollars.

The CBN spokesman noted that the bank would not relent in ensuring transparency and efficiency in the sale of Forex.