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CBN lifts forex market with $210m

By News Express on 06/02/2018

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•CBN Acting Spokesman Isaac Okorafor
•CBN Acting Spokesman Isaac Okorafor

In its desire to ensure the availability of foreign exchange and also meet customers’ requests in various segments of the market, the Central Bank of Nigeria (CBN) has injected $210 million into the inter-bank Foreign Exchange Market. 

Figures obtained from the Bank on Monday indicated that it offered $100 million to authorised dealers in the wholesale segment of the market, while the Small and Medium Enterprises segment received $55 million. Customers requiring foreign exchange for invisibles such as tuition fees, medical payments and Basic Travel Allowance, among others, were also allocated $55 million.

CBN’s Acting Director of Corporate Communications, Mr. Isaac Okorafor confirmed the figures, adding that those who made bids in the wholesale window would receive value for the bids on Tuesday.

Okorafor reassured the public that the CBN would continue to intervene in the inter-bank foreign exchange market in line with its quest to sustain liquidity in the market and maintain stability. He added that the steps taken so far by the Bank in the management of foreign exchange had paid off, as reflected by reduction in the country’s import bills and accretion to its foreign reserves.

Meanwhile, the Naira continued its stability in the foreign exchange market, exchanging at an average of N360/$1 in the Bureau de Chnage segment of the market on Monday.

 

Source News Express

Posted 06/02/2018 02:16:44 AM

 

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