CBN boosts foreign exchange market with injection of $210m

The Central Bank of Nigeria (CBN) on Monday injected another 210 million dollars into the nation’s foreign exchange market.

The Acting Director, Corporate Communications, Mr Isaac Okoroafor, in a statement on Monday said that 100 million dollars was allocated to authorised dealers in the wholesale segment of the market.

He said that the Small and Medium Enterprises (SMEs) segment also received 55 million dollars, while customers requiring foreign exchange for tuition fees, medical payments and Basic Travel Allowance (BTA), among others, were also allocated 55 million dollars.

Okoroafor, said the apex bank would continue to intervene in the interbank foreign exchange market in line with its desire to sustain liquidity in the market and maintain stability.

He explained further that the steps taken so far by the bank in the management of foreign exchange was paying off, as reflected by reduction in the country’s import bills and accretion to foreign reserves which stood at 46 billion dollars.

The CBN last week injected 355.43 million dollars into the Foreign Exchange Retail Secondary Market Intervention Sales.

It noted that the naira continued its stability in the foreign exchange market, exchanging at an average of N360 to a dollar in the Bureau De Change segment of the market.