Home BANKING & FINANCE CBN Gives $210 Million Succour To Forex Market

CBN Gives $210 Million Succour To Forex Market

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

A statement from the bank said that $100 million was offered to authorized dealers in the wholesale segment of the market, while the Small and Medium Enterprises (SMEs) segment got boosted with the sum of $55 million.

The statement said that customers needing foreign exchange for invisibles such as tuition fees, medical payments and Basic Travel Allowance (BTA), among others, were also allocated the sum of $55 million.

It will be recalled that the bank, last Thursday, intervened to the tune of $343.06 million to cater for requests in the retail segment of the forex market.

Meanwhile, the naira continued its stability in the FOREX market, exchanging at an average of N360/$1 in the BDC segment of the market today, Wednesday.