CBN boosts foreign exchange market with $210m

The Central Bank of Nigeria (CBN) has boosted the inter-bank foreign exchange market with $210 million  to meet customers’ requests in various segments of the market.

The Bank’s acting Director, Corporate Communications, Mr Isaac Okorafor, in a statement on Monday in Abuja said the fund would ensure that legitimate demands for foreign exchange are met.

He said that the CBN offered $100 million  to authorised dealers in the wholesale segment of the market, while the Small and Medium Enterprises (SMEs) segment got $55 million.

 He said also that customers needing foreign exchange for tuition fees, medical payments and Basic Travel Allowance (BTA), among others, were also allocated the sum of $55 million.

Okorafor reiterated the Bank’s determination to 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 continue to manage the forex market with a view to reducing the country’s import bills and minimise depletion of foreign reserves.

In the past week, the CBN intervened in the market to the tune of $210 million, to cater for requests in the airlines, agricultural, petroleum products, raw materials and machinery sectors.

Meanwhile, the Naira continues its stability in the foreign exchange market, exchanging at an average of N361 to a dollar in the Bureau de Change segment of the market. (NAN)