CBN Strengthens Forex Market With Fresh $195m
The inter-bank segment of the Foreign Exchange (Forex) market has received fresh $195 million boost from the Central Bank of Nigeria (CBN).
CBN’s Acting Director, Corporate Communications Department, Isaac Okorafor, said on Tuesday that the latest intervention was part of the sustained efforts by the Bank to meet Forex demands.
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Okorafor said while the sum of $100 million was released to the Wholesale segment of the market, the Small and Medium Enterprises (SMEs) segment got $50 million.
The CBN spokesperson disclosed also that the invisibles segment comprising tuition, medical payments and Basic Travel Allowance (BTA) received $45 million.
Okorafor assured of CBN’s commitment to continue to sustain liquidity of Forex and keep the value of the Naira afloat.
The Naira as at Tuesday maintained the stability of N360/$1 in the Bureau De Change (BDC) segment of the Forex Market.
