CBN Says FX Management Reduced Nigeria’s Import Bill

The Central Bank of Nigeria (CBN), on Tuesday said steps it has taken so far to manage the nation’s foreign exchange has so far paid off, going by reduction in import bills, and accretion to its foreign reserves.
In a statement, Acting Director, Corporate Communications Department (CCD), Isaac Okorafor, reassured the public that the CBN will continue to intervene in the interbank foreign exchange market, in line with its quest to sustain liquidity and maintain stability.
The statement also announced the injection of $210m into the inter-bank Foreign Exchange Market by the apex bank to ensure the availability of forex, while also meeting customers’ requests in various segments of the market.
At the trading on Tuesday, August 7, 2018, the CBN said it offered $100m to authorized dealers in the wholesale segment of the market, while the Small and Medium Enterprises (SMEs) segment got $55m.
Customers requiring foreign exchange for invisibles such as tuition fees, medical payments and Basic Travel Allowance (BTA), among others, were also allocated the sum of $55 million.
Meanwhile, the naira exchange rate remained stable in the FOREX market, exchanging at an average of N360/$1 in the BDC segment of the market on Tuesday, July 07, 2018.