CBN injects $210m into forex market

The Central Bank of Nigeria (CBN) has boosted the foreign exchange market with $210 million to meet customers’ requests in various segments

Acting Director, Corporate Communications of the apex bank, Mr. Isaac Okorafor said this in a statement on Wednesday.

According to him, the bank, in its desire to meet customers’ needs, offered $100 million to authorised dealers in the wholesale segment of the market, while the Small and Medium Enterprises (SMEs) segment got $55 million.

Okorafor also said customers needing foreign exchange for ‘invisibles’ such as tuition fees, medical payments and Basic Travel Allowance (BTA), among others, were also allocated $55 million.

He recalled that the CBN on Thursday, intervened with $343.06 million to cater for requests in the retail segment of the foreign exchange market.

He added that the naira continued its stability in the foreign exchange market, exchanging at an average of N360 per dollar in the Bureau De Change (BDC), segment of the market on Wednesday.