CBN Injects $210m to Boost FX Market

The Central Bank of Nigeria (CBN) has injected 210 million dollars to boost the inter-bank foreign exchange market and to meet customers’ requests in various segments of the market.

The Bank’s acting Director, Corporate Communications, Mr Isaac Okorafor, in a statement on Monday in Abuja said the fund would ensure that legitimate demands for foreign exchange were met.

He said that the CBN offered 100 million dollars to authorised dealers in the wholesale segment of the market, while the Small and Medium Enterprises (SMEs) segment got 55 million dollars.

He added that customers in need of foreign exchange for tuition fees, medical payments and Basic Travel Allowance (BTA), among others, were also allocated the sum of 55 million dollars.

Okorafor 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.

He said the CBN would continue to manage the forex market with a view to reducing the country’s import bills and minimise depletion of foreign reserves.

In the past week, the CBN intervened in the market to the tune of 210 million dollars, to cater for requests in the airlines, agricultural, petroleum products, raw materials and machinery sectors.

Meanwhile, the Naira exchange at an average of N361 to a dollar at the Bureau de Change segment of the market.

myfinancialintelligence.com