CBN Pumps $210m into Forex Market

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James Emejo in Abuja

The Central Bank of Nigeria (CBN) has injected another sum of $210 million into the interbank foreign exchange (forex) market.

The move was part of the central bank’s commitment to ensure that forex is available for customers needs in various segments of the market.

The apex bank said it offered $100 million to authorised dealers in the wholesale segment of the market, while the small and medium scale enterprises (SMEs) received the sum of $55 million.

Figures released yesterday further indicated that customers requiring foreign exchange for invisibles such as tuition fees, medical payments and Basic Travel Allowance (BTA), among others, were also allocated the sum of $55 million.

CBN acting Director, Corporate Communications Department (CCD), Mr. Isaac Okorafor, confirmed the figures and reassured the public that the Bank would continue to intervene in the interbank foreign exchange market in line with its desire to sustain liquidity in the market and maintain stability.

The central bank had injected a total sum of $543.22 million and CNY 63.21 million into the inter-bank foreign exchange market on Thursday, August 23 and Friday, August 24, 2018.

The naira continued its stability in the forex market, exchanging at an average of N361/$1 in the BDC segment of the market yesterday.