CBN releases $210 million into foreign exchange market

THE NEWSGHOST, NIGERIA – Nigeria’s apex bank, the Central Bank of Nigeria (CBN), has released $210 million into the inter-bank foreign exchange market to meet the request of customers in various segments.

Isaac Okorafor, CBN’s director of corporate communications, disclosed this in Abuja on Monday, January 15, 2018, according to report.

Okorafor explained that $100 million was alloted to authorised dealers in the wholesale segment of the market, while the small and medium enterprises (SMEs) got $55 million. The remaining $55 million was reserved for customers requiring foreign exchange for tuition fees, medical payments and basic travelling allowance (BTA).

He also assured that bidders who have made bids in the wholesale window would get value for the bids today (Tuesday, January 16, 2018).

CBN would continue to intervene in interbank foreign exchange market in fulfillment of its promise to sustain liquidity and maintain stability in the market, Okorafor noted.

The efforts of the apex bank in managing the nation’s foreign exchange has yielded positive results, especially the reduction in import bills and increase in foreign reserve.

The naira has maintained its stability in the foreign exchange market, exchanging at an average of ₦360 to a dollar.

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