Naira Rises Against Dollar As CBN Pumps $195 Million into FX Market. 

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The Central Bank of Nigeria (CBN), in its drive to ensure liquidity and stability in the foreign exchange market, has Pump $195 million into various segments of the inter-bank foreign exchange market.

A breakdown of the figures released by the CBN on Monday shows that $100 million was offered to authorised dealers in the wholesale window, just as the Small and Medium Enterprises (SMEs) window was allocated $50 million, while those seeking foreign exchange for the purpose of Basic Travel Allowance (BTA)/Preferential Trade Agreement (PTA), tuition and medical bills, among other invisibles, received $45 million.

The Acting Director, Corporate Communications at the CBN, Isaac Okorafor said that the bank’s continued intervention was aimed at strengthening the international value of the Naira, while ensuring accessibility to the greenback by customers who required it for genuine purposes.

News Express recalls that the CBN, in the last round of foreign exchange interventions in the inter-bank market on June 28, 2017, injected $195 million to the wholesale, SMEs and invisibles segments of the market.

Meanwhile, a survey of markets in the Bureau de Change segment (BDCs) in Lagos, Abuja, Port-Harcourt and Kano, on Monday, showed that the naira exchanged at an average of N360/$1 in the BDC segment of the market.