Foreign Exchange Market Gets CBN’s $210m Boost

Foreign Exchange Market Gets CBN's $210m Boost

The inter-bank Foreign Exchange Market has received 210 million dollars from Central Bank of Nigeria (CBN) to meet customers' requests in various segments of the market.

The CBN acting Director, Corporate Communications, Mr Isaac Okorafor, said 100 million dollars was sold to authorised dealers in the wholesale segment of the market.

He said the Small and Medium Enterprises (SMEs) segment got 55 million dollars, while another 55 million dollars was allocated for customers who needed foreign exchange for tuition fees, medical payments and Basic Travel Allowance (BTA), among others.

Okorafor assured Nigerians that the apex bank would 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 the CBN would not renege on its promise to manage the foreign exchange market with a view to reducing the country's import bills and halting depletion of its foreign reserves.

Last week, the CBN intervened in the foreign exchange market to the tune of 325.64 million dollars to cater for requests in the airlines, agriculture, petroleum products and raw materials and machinery sectors.

Meanwhile, the Naira continued its stability in the market, exchanging at an average of N361 to dollar in the Bureau de Change segment.

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Written by NEWSTRAWL ONLINE UPDATE

Sodiq Oyeleke is a Media, Human Resources, Project Management and Public Relations Practitioner