Forex Market Gets $210m Boost

Godwin Emefiele - Governor, Central Bank of Nigeria

The Central Bank of Nigeria (CBN) has released the sum of $210 million into different segments of the inter-bank Foreign Exchange Market.

Isaac Okorafor, the CBN’s Acting Director in charge of Corporate Communications, who confirmed the figures on Monday, said the latest intervention is meant to meet customers’ requests in various segments of the market.

According to figures, $100 million was offered to authorized dealers in the wholesale segment of the market, while the Small and Medium Enterprises (SMEs) segment got the sum of $55 million.

Customers in need of 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.

Okorafor reiterated the Bank’s determination to continue its intervention in the interbank foreign exchange market in line with its pledge to sustain liquidity in the market and maintain stability.

The CBN spokesman said that the apex bank would continue to strategically manage the forex with a view to reducing the country’s import bills and halting depletion of its foreign reserves.

It will be recalled that last Monday, the CBN had again lifted the forex market with $210 million to cater for requests in the various segments of the forex market.

Meanwhile, the naira continued its stability in the Forex market, exchanging at an average of N360/$1 in the BDC segment of the market on Monday, February 19, 2018.

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