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Forex: Central Bank Pumps $210 Million Into Forex

CBN-Office-Abuja

The Central Bank of Nigeria (CBN) has again intervened in the inter-bank Foreign Exchange Market to the tune of $210 million.

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

It said that customers requiring 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 Banks Director of Corporate the Communications Department, Isaac Okorafor said that the bank’s commitment to continue to intervene in the country’s interbank foreign exchange market. Okorafor assured that the apex bank will continue to ensure liquidity in the market and sustain the stability in the market.

It will be recalled that last week Tuesday, the bank injected the total sum of $303.91 million and CHY46.58 million into the spot and short tenored forwards of the inter-bank foreign exchange market with.

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Meanwhile, the naira exchanged at an average of N361/$1 in the BDC segment of the market yesterday.

 

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