CBN boosts forex market with $210m

The Central Bank of Nigeria (CBN) on Tuesday, March 6, 2018 gave a boost of $210 million to the interbank foreign exchange market. According to figures released by the Bank, the CBN offered $100 million to authorised 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, Corporate Communications Department of the CBN, Mr. Isaac Okorafor, confirmed the figures.

The CBN spokesman 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 added that the steps taken so far by the Bank in the management of forex had paid off, as reflected by reductions in the country’s import bills and accretion to its foreign reserves. The Naira on Tuesday, March 6, 2018 exchanged for N361/$1 on the BDC segment of the market.