Home BANKING & FINANCE Central Bank Of Nigeria Boosts Forex Market With $210 Million

Central Bank Of Nigeria Boosts Forex Market With $210 Million

bag-of-dollarsThe Central Bank of Nigeria (CBN) has announced the injection of another $210,000,000 to boost liquidity in the inter-bank Foreign Exchange Market.
The Acting Director in the Corporate Communications Department of the apex bank, Isaac Okorafor said in Abuja today, Tuesday, that the sum of $100 million was offered to the wholesale segment while the Small and Medium Enterprises (SMEs) segment got an allocation of $55 million.
He said that the invisibles segment (tuition fees, medical payments and Basic Travel Allowance (BTA), among others) was also allocated $55 million.
Okorafor said that the releases were part of the effort aimed at boosting liquidity in the forex market, facilitating trade and easing remittances for legitimate personal commitments.
The CBN chief spokesman attributed the long spell of calm in the market to the interventions of the CBN and the cooperation of all stakeholders, adding that the convergence of rates between the interbank market and the Bureau de Change segments, had made possible as customers are able to buy forex from either market at not more than N362 to a dollar.
He said that despite the development, the CBN would continue in its monitoring of the market in order to ensure that authorised dealers abide by the extant rules.
Meanwhile, the naira maintained its steady rate against the United States Dollar, exchanging for N361/$1 in the BDC segment of the market today, Tuesday.[myad]