Naira Stable As CBN Boosts Forex Market With $210m
In itsquest tomeet customers’ needs in the various segmentsof the foreignexchange market, the Central Bankof Nigeria (CBN) on Tuesday, July31,injected $210millioninto various segments of the forex market.
How Naira Fared Against Dollar (July 30)
The apex bank offered $100millionto authorizeddealers in the wholesale segmentof the market, whilethe Smalland Medium Enterprises(SMEs) segment got boosted with the sum of $55 million.
Customers requestingforeign exchange for invisible such as tuitionfees,medical payments and basictravel allowance (BTA), among others, were also allocated $55 million.
It will be recalledthat the Bank last Friday,July27, 2018and following the earlier take-off of its intervention in the saleof foreign exchange inChineseYuan (CNY), injected the sum $340, 507, 376.51 into the interbankretail Secondary MarketIntervention Sales.This was inadditionto the saleof CNY 69,858,087.15 inthe spot andshorttenored forwards.
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Meanwhile,the naira continued its stabilityinthe FOREX market, exchanging atanaverageof N360/$1inthe BDC segmentof the marketon Tuesday, July31, 2018.