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CBN Lifts Forex Market With Fresh $250m

Godwin Emefiele, CBN Governor
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The Central Bank of Nigeria (CBN) has lifted the inter-bank foreign exchange market with fresh $250 million.

CBN spokesperson, Isaac Okorafor revealed this in a statement on Monday.

Okorafor gave a breakdown of the interventions as;

* Wholesale sector was offered the sum of $100 million,
* Small and Medium Enterprises (SMEs) window received $80 million.
* $70 million was allotted to those requiring foreign exchange Business/Personal Travel Allowances, school tuition, medicals, etc.

The CBN said the latest interventions were part of its efforts to stabilise the FOREX market.

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The Apex Bank further said it had “taken measures to check the activities of speculators and shield the currency from attacks, while also maintaining the international value of the Naira.”

The Bank urged all dealers “to adhere to the extant guidelines on the sale of FOREX in the Nigerian Forex market,” adding that those in urgent need of foreign exchange are free to approach their respective banks.

While allaying fears of scarcity of foreign exchange in the Nigerian FOREX market , the CBN assured customers adequate supply of FOREX.

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Meanwhile naira, on Monday, exchanged at the rate of N365/$1 at the Bureau de Change segment of the market.

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