As a follow up to last Friday’s injection of $389 million into the retail segment of the Foreign Exchange Market (FOREX), the Central Bank of Nigeria (CBN) on Monday, intervened with the sum of $81.2 million in the invisibles and Small and Medium Enterprises (SMEs) segments.
Under the arrangement, the CBN provided the sum of $44 million to meet customers’ requests for invisibles such as Basic Travel Allowances (BTA), Personal Travel Allowances (PTA), medical bills and tuition fees, among others.
The Acting Director, Corporate Communications at the CBN, Isaac Okorafor, confirmed the intervention, adding that the SMEs segment also received a boost of $37.2 million.
He said: “The Bank remains committed to ensuring that there is enough supply of forex to genuine customers to achieve the goal of forex rates convergence”.
While expressing satisfaction with the current stability in the forex market, Okorafor reiterated his confidence in the ability of the CBN to sustain its interventions in the market.
