CBN Injects $210m Into Foreign Exchange Market

The Central Bank of Nigeria (CBN) on Tuesday injected $210m to meet customers’ requests in various segments of the foreign exchange market.

The acting Director, Corporate Communications, CBN, Mr Isaac Okorafor

in a statement in Abuja said the bank offered $100m to

authorised dealers in the wholesale segment of the market.

He said that the Small and Medium Enterprises (SMEs) segment got $55m, while another $55m was allocated for tuition fees, medical payments and Basic Travel Allowance (BTA), among


Okorafor reiterated the bank’s commitment to continue to intervene in

the interbank foreign exchange market, in line with its pledge to

sustain liquidity in the market and maintain stability.

He said that the CBN would sustain its strategic management of the

foreign exchange market with a view to reducing the country’s import

bills and halt depletion of its foreign reserves.

The CBN had on June 5, approved an upward review of the trading margin

available to operators of Bureau De Change (BDC) in the country.

To this effect, BDC operators now buy dollars from the CBN at N357 per

dollar and sell at N360, thereby leaving them with a positive margin

of N3 per dollar sold.

Meanwhile, the naira continued its stability, exchanging at an average

of N362 to a dollar in the BDC segment.