CBN Injects $210m In Foreign Exchange Market

The Central Bank of Nigeria (CBN) has injected 210 million dollars into the inter-bank Foreign Exchange Market to meet customers’ requests in various segments of the market.


The CBN Acting Director of Corporate Communications, Mr

Isaac Okoroafor in a statement on Tuesday, said that 100

million dollars was offered to authorised dealers in the

wholesale segment of the market.


He said 55 million dollars was allocated to the Small and

Medium Enterprises (SMEs) segment while customers who

require foreign exchange for tuition fees, medical payments and

Basic Travel Allowance (BTA) were allocated 55 million dollars.


Okorafor reassured the public that the bank would continue to

intervene in the foreign exchange market in line with its quest to

sustain liquidity in the market and maintain stability.


He said that the steps taken so far by the bank in the

management of the market had paid off, as reflected by

reduction in the country’s import bills and accretion to its

foreign reserves.


Meanwhile, the Naira exchange rate remained stable in the

foreign exchange market.


It exchanged on Tuesday at an average of N360 to a dollar  in

the Bureau De Change segment of the market.