Naira Stable As CBN Boosts Forex Market With $210m

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Naira Stable As CBN Boosts Forex Market With $210m

In its quest to meet customers’ needs in the various segments of the foreign exchange market, the Central Bank of Nigeria (CBN) on Tuesday, July 31, injected $210million into various segments of the forex market.

How Naira Fared Against Dollar (July 30)

The apex bank offered $100million to authorized dealers in the wholesale segment of the market, while the Small and Medium Enterprises (SMEs) segment got boosted with the sum of $55 million. 

Customers requesting foreign exchange for invisible such as tuition fees, medical payments and basic travel allowance (BTA), among others, were also allocated $55 million.

It will be recalled that the Bank last Friday, July 27, 2018 and following the earlier take-off of its intervention in the sale of foreign exchange in Chinese Yuan (CNY), injected the sum $340, 507, 376.51 into the interbank retail Secondary Market Intervention Sales. This was in addition to the sale of CNY 69,858,087.15 in the spot and short tenored forwards.   

Here’s How Naira Traded Against 3 Major Currencies (July 25)

Meanwhile, the naira continued its stability in the FOREX market, exchanging at an average of N360/$1 in the BDC segment of the market on Tuesday, July 31, 2018.

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