Just yesterday, the Central Bank of Nigeria (CBN) lifted the foreign exchange forex market with a $255 million intervention to ease pressure on the naira.
According to reports, the injection assisted marginally to stabilize the naira against the greenback and deepen dollar inflow into the market.
However, a breakdown of the intervention showed that $100 million was released for the wholesale segment of the market for both spots and forwards. Basic Travel Allowance (BTA), which comes under invisibles segment, got $50 million. The Small and Medium Scale Enterprises (SME) segment received $55 million.
In the same vein, traders, citing a notice from the regulator, said the currency forwards being auctioned would be settled within 60-days and backed by customer demand.