CBN meets FX demand at wholesale, SMEs segments with $210m


Foreign exchange demand at the wholesale, Small and Medium Scale Enterprises (SMEs) and the invisible segments was met as the Central Bank of Nigeria (CBN) on Wednesday injected a total of $210 million into the market.
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Consequently the naira/dollar exchange rates maintained stability at the various segments of the foreign exchange market.

Naira gained N0.24k over the U.S. dollar as it closed at N360.17k per dollar on Wednesday as against N360.41k per dollar traded on Monday at the Nigerian Autonomous Foreign Exchange Fixing (NAFEX).

The local currency closed stable at N305.70k per dollar at the Central Bank official window. However, naira weakened marginally by 0.04 percent to close at N360.67k per dollar on Wednesday compared to N360.51k on Monday at the investors and exporters window, data from FMDQ said.

The apex Bank offered the sum of $100 million to authorized dealers in the wholesale segment of the market. The Small and Medium Scale Enterprises (SMEs) segment received the sum of $55 million while the sum of $55 million was apportioned to invisibles such as tuition fees, medical payments and Basic Travel Allowance (BTA).

A statement from the Bank’s Acting Director, Corporate Communications Department, Isaac Okorafor, confirmed the figures and reiterated CBN’s capacity to continue to sustain the foreign exchange intervention.
Okorafor urged Deposit Money Banks to continue to honour requests from customers with genuine needs, noting that the Bank will continue to sustain liquidity in the foreign exchange market.

Meanwhile, the nation’s currency continued on Wednesday, May 2, 2018 to maintain its stability in the FOREX market, exchanging at an average of N362/$1 in the BDC segment of the market.