CBN Gives Forex Market Fresh $210m

The Central Bank of Nigeria (CBN), on Tuesday, released the sum of $210 million in various segments of the inter-bank foreign exchange market.

The Bank’s Acting Director, Corporate Communications Department (CCD), Mr. Isaac Okorafor, who confirmed the figures, said the latest intervention is to ensure that forex is available for customers’ in various segments of the market.

According to the figures obtained from the CBN, the apex Bank offered $100million to authorized dealers in the wholesale segment of the market, while the Small and Medium Enterprises (SMEs) segment received the sum of $55 million.

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.

Last Tuesday, the apex Bank intervened to the tune of $210 million to cater for requests in the wholesale segment of the forex market.

Meanwhile, the naira continued its stability in the forex market, exchanging at an average of N361/$1 in the Bureau De Change segment of the market today.