CBN lifts foreign exchange market with $210m

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The Central Bank of Nigeria (CBN) on Tuesday injected N210 million dollars into the inter-bank sector of the foreign exchange market to meet customer’s demand in various segments of the market.

The Acting Director, Corporate Communications, CBN, Mr Isaac Okoroafor, made this known in a statement on Tuesday in Abuja.

Okoroafo said the CBN offered 100 million dollars to dealers in the wholesale window.

He explained that provision was also made for customers under the Small and Medium Enterprises (SMEs) window to receive an allocation of 55 million dollars.

The acting director said that customers in need of foreign exchange for business or personal travel, tuition fees and medical purposes were allocated a sum of 55 million dollars.

Okorafor said the apex bank would continue to make the interventions as the country’s reserve had increased to about 42 billion dollars.

He said the CBN’s foreign exchange management strategy was yielding the desired result, hence the bank would continue to sustain its activities in the market to maintain stability and liquidity.

Meanwhile, the naira continued to maintain its stability in the foreign exchange market, exchanging at an average of N360 to a dollar in the Bureau De Change segment of the market.