Home BANKING & FINANCE Forex: Wholesale Segment, Others Get $210 Million Boost

Forex: Wholesale Segment, Others Get $210 Million Boost

Isaac Okorafor, CBN spokesman

Central Bank of Nigeria (CBN) has offered authorized dealers in the wholesale segment of the inter-bank foreign exchange market the sum of $100 million to meet the needs of customers.

The CBN has also allocated the sum of $55million each to the Small and Medium Enterprises (SMEs) and the invisibles segments.

The figure for the invisibles  was meant for customers requiring it for tuition fees, medical payments and Basic Travel Allowance (BTA) amongst others.

The Director of Corporate Communications of the apex bank, Isaac Okorafor said that the bank’s continued intervention in the inter-bank sector was aimed mainly at ensuring adequate liquidity in the market, even as he noted that there was not much pressure on the naira.

This was even as the naira had continued to maintain its steady rate against major currencies around the globe, exchanging for N361/$1 in the BDC segment of the market as at yesterday, Tuesday.