CBN Boosts Forex Market With $210m

As part of efforts to sustain liquidity in the Inter-bank Foreign Exchange Market, the Central Bank of Nigeria (CBN), has injected 210 million dollars into the market.

Isaac Okorafor, the CBN’s Acting Director in charge of Corporate Communications, confirmed the figures in a statement on Wednesday.

A breakdown of the Bank’s latest round of intervention indicates that the CBN offered the sum of $100 million to dealers in the wholesale window, while those in the Small and Medium Enterprises (SMEs) window received an allocation of $55 million.

The invisibles segment, comprising Business/Personal Travel Allowances, school tuition, medicals, was allocated the sum of $55 million.

Okorafor urged Deposit Money Banks to continue to honour requests from customers with genuine needs, noting that CBN would continue to sustain liquidity in the foreign exchange market.

Meanwhile, the nation’s currency continued to maintain stability in the foreign exchange market, exchanging at an average of N362 to a dollar at the Bureau De Change segment of the market.