Home BANKING & FINANCE Central Bank Offers $210 Million To Boost Forex Market

Central Bank Offers $210 Million To Boost Forex Market

CBN-Office-Abuja

The inter-bank Foreign Exchange Market has received the sum of $210 million from the Central Bank of Nigeria (CBN), to meet customers’ requests in various segments of the market.

The apex bank offered $100 million to authorized dealers in the wholesale segment of the market, while the Small and Medium Enterprises (SMEs) segment got the sum of $55 million.

The figures, which were released today, Tuesday, showed 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.

The Bank’s Acting Director of the Corporate Communications Department (CCD), Isaac Okorafor, assured Nigerians that the Bank will continue to intervene in the interbank foreign exchange market, in line with its pledge to sustain liquidity in the market and maintain stability.

According to Okorafor, the CBN will not renege on its promise to manage the forex with a view to reducing the country’s import bills and halting depletion of its foreign reserves.

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It will be recalled that the apex bank had, on July 3, intervened to the tune of $210 million, to cater for requests in the wholesale segment of the 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, Tuesday.