Home BANKING & FINANCE Central Bank Of Nigeria Pumps $210 Million Into Forex Market

Central Bank Of Nigeria Pumps $210 Million Into Forex Market

 

Isaac Okorafor, CBN spokesman

The Central Bank of Nigeria (CBN) has injected another $210 Million into the interbank foreign exchange market.

Figures released by the apex Bank today, Tuesday, showed that $100 million went to authorized dealers in the wholesale segment of the market, while the Small and Medium Scale Enterprises (SMEs) segment received the sum of $55 million.

Another sum of $55 million was apportioned to invisibles, such as tuition fees, medical payments and Basic Travel Allowance (BTA)

The Acting Director in the Corporate Communications Department of the CBN, Isaac Okorafor, who confirmed the figures, reassured the public that the Bank would continue to intervene in the interbank foreign exchange market, in line with its determination to sustain liquidity in the market and maintain stability.

He said that the steps taken so far by the Bank in the management of forex had paid off, as reflected in reductions in the country’s import bills and accretion to its foreign reserves.

See also:  Central Bank Punishes 4 Banks For Violating Laws

Meanwhile, the Naira, today, Tuesday, March 6, exchanged for N361/$1 on the BDC segment of the market. [myad]