CBN Plans New Forex Retail Window, Sells $50m to SMEs

June 20, 2017
forex Black Market

CBN Plans New Forex Retail Window, Sells $50m to SMEs

By Modupe Gbadeyanka

A new forex exchange retail option is being planned for introduction into the forex market by the Central Bank of Nigeria (CBN).

Acting Director in charge of Corporate Communications at the CBN, Mr Isaac Okorafor, made this disclosure on Monday in a statement issued in Abuja.

In the statement, Mr Okorafor also said the apex bank released another $195 million into the market to boost liquidity and further meet customers’ requests in various forex segments.

According to her, $100 million was released to authorised forex dealers through the interbank market.

In addition, the sum of $50 million was sold to Small and Medium Enterprises (SMEs) to meet their needs, while $45 million was allotted to meet demands for business/personal travel allowances, school tuition and medicals.

Modupe Gbadeyanka

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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