CBN raises forex market with $210 million

1 year ago

The Central Bank of Nigeria (CBN) has made available $210 million to meet customers’ requests in various segments of the foreign exchange market.

According to figures obtained from the apex bank yesterday in its quest to meet customers’ needs in the various segments of the market, it offered $100 million to authorised dealers in the wholesale segment of the market while the Small and Medium Enterprises (SMEs) segment got $55 million.

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Also, customers in need of foreign exchange for invisibles such as tuition fees, medical payments and Basic Travel Allowance (BTA), among others, were also allocated $55 million.

The CBN’s Acting Director, Corporate Communications Department (CCD), Mr. Isaac Okorafor, reiterated the bank’s commitment to continuous intervention in the inter-bank foreign exchange market in line with its pledge to sustain liquidity in the market and maintain stability.

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Okorafor said the CBN would continue to strategically manage the forex with a view to reducing the country’s import bills and halting depletion of its foreign reserves.

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