CBN boosts forex market with $210million

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The interbank segment of the Nigerian foreign exchange market has received a fresh boost of 210 million dollars from the Central Bank of Nigeria (CBN).

The CBN Director of Corporate Communications Department, Mr. Isaac Okoorafor, said this in a statement in Abuja, Nigeria’s capital.

He said the figures released by CBN indicated that authorized dealers in the wholesale segment of the market were again offered the sum of 100 million dollars.

The Small and Medium Enterprises (SMEs) window received the sum of 55 million dollars, while 55 million dollars was allocated to customers requiring foreign exchange for invisibles such as tuition fees, medical payments and Basic Travel Allowance (BTA), among others.

The director reiterated the bank’s resolve to sustain the level of stability in foreign exchange market.

The CBN on July 12 injected 298.7 million dollars and CNY39.6 million into the Retail Secondary Market Intervention Sales (SMIS) segment.

The Naira was N360 to the Dollar at the Bureau De Change (BDC) segment on Tuesday.

Amaka E. Nliam