CBN Releases $210m Into FOREX Market

Udo ONYEKA

The Central Bank of Nigeria (CBN), has injected 210 million dollars into the inter-bank Foreign Exchange Market to ensure adequate supply of foreign exchange to customers, in its continued effort to ensure stability of Naira,

The CBN acting Director, Corporate Communications Department, Mr Isaac Okorafor, said 100 million dollars was offered to authorized dealers in the wholesale segment of the market.

He said customers in the Small and Medium Enterprises segment received 55 million dollars and those requiring foreign exchange for tuition fees, medical payments and Basic Travel Allowance among others, received 55 million dollars.

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.

It will be recalled that on Thursday, August 23 and Friday, August 24, 2018, the Bank injected a total sum of $543.22 million and CNY 63.21 million into the inter-bank foreign exchange market.

Meanwhile, the naira continued its stability in the FOREX market, exchanging at an average of N361/$1 in the BDC segment of the market on Tuesday, August 28, 2018.