CBN increases foreign exchange market by $210m

By Chioma Obinagwam

The Central Bank of Nigeria (CBN), Nigeria’s apex bank, has said it injected $210 million into the inter-bank Foreign Exchange (Forex) market to ensure adequate supply of Forex to customers.

The apex bank disclosed in a statement on Tuesday.

According to the CBN acting Director, Corporate Communications Department, Mr. Isaac Okorafor, the $100 million was offered to authorised dealers in the wholesale segment of the market.

He said customers in the Small and Medium Enterprises (SME) segment received $55 million and those requiring Forex for tuition fees, medical payments and Basic Travel Allowance among others, recieved $55 million.

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.

Moreover, on August 23 and 24, 2018 the Bank injected a total sum of 543.22 million dollars and 63.21 million Chinese Yuan into the Inter-bank Foreign Exchange Market.

Meanwhile, the naira continued its stability in the Forex, exchanging at an average of N361 to a dollar in the Bureau De Change (BDC) segment of the market.