Dollar falls to N360 as CBN pumps additional $195m

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

A survey of markets in the Bureau de Change segment (BDCs) in Abuja, showed that the naira exchanged at an average of N360 to a dollar in the BDC segment of the market.

The acting Director, Corporate Communications, Isaac Okorafor in a statement on Monday in Abuja said that $100 million was offered to authorised dealers in the wholesale window.

Similarly the Small and Medium Enterprises (SMEs) window was allocated the sum of $50 million.

Also, those seeking forex for the purpose of business and personal travel, tuition and medical bills, among other invisibles, received the sum of $45 million.

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.

It will be recalled that the CBN in the last round of forex intervention in the inter-bank market on June 28, injected $195 million to the wholesale, SMEs and invisibles segments of the market.

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