CBN Boosts Nigeria’s Forex Market with $210m

The Central Bank of Nigeria (CBN), on Wednesday, May 2, 2018, injected the sum of $210 m into the inter-bank Foreign Exchange market in continuation of its efforts to sustain liquidity in the market.
A breakdown showed that the sum of $100m was offered to authorized dealers in the wholesale segment of the market, while the Small and Medium Scale Enterprises (SMEs) segment received the sum of $55m; just as for invisibles such as tuition fees, medical payments and Basic Travel Allowance (BTA).
A statement from the Acting Director, Corporate Communications Department, Isaac Okorafor, confirmed the figures and reiterated CBN’s capacity to continue to sustain the foreign exchange intervention.
He urged Deposit Money Banks to continue honouring requests from customers with genuine needs, noting that the Bank will continue to sustain liquidity in the foreign exchange market.
Meanwhile, the nation’s currency continued on Wednesday, May 2, 2018 to maintain its stability in the FOREX market, exchanging at an average of N362/$1 in the BDC segment of the market.

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