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CBN boosts foreign exchange market with $210m

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The Central Bank of Nigeria has injected $210m into the inter-bank Foreign Exchange Market to ensure adequate supply of foreign exchange to customers.

The CBN Director, Corporate Communications Department, Mr. Isaac Okorafor, in a statement on Tuesday noted that $100m was offered to authorised dealers in the wholesale segment of the market.

He said customers in the Small and Medium Enterprises segment received $55m and those requiring foreign exchange for tuition fees, medical payments and Basic Travel Allowance among others, received $55m. Okorafor reassured the public that the 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.

The CBN on Friday injected 268.4 million dollars and CNY46.3 million into the Retail Secondary Market Intervention Sales segment. Meanwhile, 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.

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