SAN FRANCISCO, March 20, (THEWILL) – The Central Bank of Nigeria (CBN) has injected the sum of $210m into the inter-bank foreign exchange market.
The lender said the forex sale was aimed at sustaining liquidity in the forex market, and making forex available for customers’ needs in various segments of the market.
According to the figures released by the bank, the sum of $100m was released to authorised dealers in the wholesale segment of the market, while the Small and Medium-scale Enterprises segment received the sum of $55m.
It added that customers requiring forex for invisibles such as tuition fees, medical payments and Basic Travel Allowance, among others, were also allocated the sum of $55m.
Confirming the figures, the Acting Director, Corporate Communications, CBN, Mr. Isaac Okorafor, reassured the public that the bank would continue to intervene in the interbank forex market in line with its desire to sustain liquidity in the market and maintain stability.
He said that the steps taken so far by the CBN in the management of forex was paying off, as reflected by reduction in the country’s import bills and accretion to its foreign exchange reserves.
About the Author
