• Login
  • Register
Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
Nairametrics
No Result
View All Result
Home Business News

CBN Injects Fresh $210m into the Forex market

Adaugo Chidi by Adaugo Chidi
July 18, 2018
in Business News, Politics
Naira depreciates as dollar sales top $100m a day at I&E window, Global Investment Trends Monitor, Foreign Direct Investment
Share on FacebookShare on TwitterShare on Linkedin

The Central Bank of Nigeria (CBN) has, on Tuesday July 17, 2018, injected the sum of $210 million into the inter-bank foreign exchange (forex) market.

The apex bank’s Acting Director of Corporate Communications Department, Mr. Isaac Okorafor, in a statement confirmed this. The figures restated the determination of the CBN  to continue to intervene in the interbank foreign exchange market, and this is in line with its pledge to sustain liquidity in the market and maintain stability. He also stated that the continued forex intervention was to ensure that customer’s requests in various sections of the market are being met.

How was the money allocated?

The sum of $100 million was offered to cater for the requests of dealers who are authorised  in the wholesale segment of the market, while the sum of $55 million was offered to cater to the needs of the  Small and Medium Enterprises (SMEs), just as $55 million was also allocated for invisibles such as tuition fees, medical payments, Basic Travel allowance (BTA), etc.

RelatedStories

CBN, MPC

CBN opens application for Knowledge Acceleration Programme to shape future research priorities 

July 13, 2025
CBN, forex

June 2025 PMI: CBN warns of inflation as input costs outpace output prices

July 8, 2025

Meanwhile, the Naira continued its stability in the foreign exchange market, exchanging at an average of N360 per dollar in the Bureau De Change (BDC) segment of the market.

What this means

By pumping $210 million into the inter-bank forex market by the CBN, the Apex bank will increase the supply of Dollars to meet its corresponding demand in the market so as to sustain the value of Naira to the Dollar.

It is important for the apex bank to increase liquidity in the inter-bank market to meet the demand for Dollars in the inter-bank window in order to forestall any likely shortages which might lead to a currency depreciation and a widening of the gap between the parallel and inter-bank forex markets.

In February 20 2016, the Central Bank of Nigeria issued a new forex policy on its website during the Forex crisis in the country. It was called the New Policy Actions in the Foreign Exchange Market.

CBN had introduced capital controls as a centre piece of its currency policy, this policy made the value of the Naira to plummet by over 38% at the black market as at the time the policy was made. The capital controls was introduced as a way to limit the access to forex and, therefore, direct utilisation of forex to sectors that it referred to as ‘preferred’.


Follow us for Breaking News and Market Intelligence.
Tags: CBNCBN NigeriaforexForex Market
Adaugo Chidi

Adaugo Chidi

Adaugo is a graduate of Political science from Abia State University.A graphic designer with a passion for content curation. She has an interest in all things business. In her free time she loves to surf the net and learn new things.

Related Posts

CBN, MPC
Financial Services

CBN opens application for Knowledge Acceleration Programme to shape future research priorities 

July 13, 2025
CBN, forex
Economy

June 2025 PMI: CBN warns of inflation as input costs outpace output prices

July 8, 2025
CBN, forex
Financial Services

CBN clarifies NRBVN charges, says BVN enrolment remains free for Nigerians in Nigeria 

July 7, 2025
CBN, forex
Breaking News

Court upholds CBN-backed NIBSS Authority to manage BVN Database nationwide 

July 4, 2025
CBN, forex
Financial Services

Credit to Private sector slips marginally to N77.83 trillion in May 2025 despite surging money supply 

July 3, 2025
CBN, forex
Financial Services

Nigeria’s FDI drops by 19% to $250 million in Q1 2025 – CBN 

June 27, 2025
Next Post
CBN's Standing Deposit Facility, Banks' loans to Oil and Gas, Power, other sectors drop by N411.8 billion , CBN confirms N500 and N1000 as two most counterfeited banknotes in Nigeria  

These are the latest treasury bills Primary Market Auction results

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Emple
nlng
first bank








DUNS

Recent News

  • Dry Onions up 30%, pepper up 16.67% in Lagos markets as buyers and sellers react to July 2025 price swings 
  • How Fintech Infrastructure powers the modern Trading Industry 
  • UBA’s LEO becomes Africa’s First Chatbot to enable cross-border payments 

Follow us on social media:

Recent News

When you travel to your village, why do you buy yams, palm oil and bananas and return them to your city?

Dry Onions up 30%, pepper up 16.67% in Lagos markets as buyers and sellers react to July 2025 price swings 

July 17, 2025
How Fintech Infrastructure powers the modern Trading Industry 

How Fintech Infrastructure powers the modern Trading Industry 

July 17, 2025
  • iOS App
  • Android App
  • Contact Us
  • Home
  • Markets
  • Sectors
  • Economy
  • Business News
  • Financial Literacy
  • Disclaimer
  • Ads Disclaimer
  • Copyright Infringement

© 2025 Nairametrics

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Social Media Auto Publish Powered By : XYZScripts.com
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Login
  • Sign Up

© 2025 Nairametrics