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CBN Pumps Fresh $210 Million into Forex Market

CBN Pumps Fresh $210 Million into Forex MarketThe Central Bank of Nigeria (CBN) on Monday injected another sum of $210 million into the interbank forex market as part of its desire to sustain liquidity in the market and ensure improved availability of the greenback in various segments of the market.

According to the figures obtained from the CBN yesterday, the Bank offered $100 million to authorised dealers in the wholesale segment of the market, while the small and medium scale enterprises (SMEs) segment received the sum of $55 million.

In addition, customers requiring forex for invisibles such as tuition fees, medical payments and Basic Travel Allowance (BTA), among others, were also allocated the sum of $55 million.

The Bank’s Acting Director, Corporate Communications Department (CCD), Mr. Isaac Okorafor, confirmed the figures and 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.

He said that the steps taken so far by the Bank in the management of forex was paying off, as reflected by reduction in the country’s import bills and accretion to its foreign reserves.

The central bank had last Monday injected the sum of $210 into the wholesale segment of the forex market.

Meanwhile, yesterday, the naira traded at an average of N360/$1 in the BDC segment of the market.

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