CBN boosts forex market with $210m

Posted by News Express | 23 January 2018 | 1,421 times

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•CBN CCD Acting Director Isaac Okorafor

The Central Bank of Nigeria (CBN) has boosted the inter-bank Foreign Exchange Market with the sum of $210 million to meet customers’ requests in various segments of the market.

In its quest to meet the customers’ needs in the sundry segments of the market, the CBN offered $100 million to authorised dealers in the wholesale segment of the market, while the Small and Medium Enterprises segment got $55 million, according to figures obtained from the Bank on Monday. The figures also indicated that customers needing foreign exchange for invisibles such as tuition fees, medical payments and Basic Travel Allowance, among others, were allocated $55 million.

Mr. Isaac Okorafor, CBN’s Acting Director of Corporate Communications, reiterated the Bank’s determination to continue to intervene in the interbank foreign exchange market, in line with its pledge to sustain liquidity in the market and maintain stability. According to Okorafor, the CBN would continue to manage the foreign exchange with a view to reducing the country’s import bills and halting accretion to its foreign reserves.

In the past week, the CBN intervened in the Retail Secondary Market Intervention Sales to cater for requests in the airlines, agricultural, petroleum products and raw materials and machinery sectors.

Meanwhile, the Naira continued its stability in the foreign exchange market, exchanging at an average of N361/$1 in the Bureau de Change segment of the market on Monday.

Source: News Express

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