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CBN Boosts Forex Market with $210m

By Modupe Gbadeyanka

The Central Bank of Nigeria (CBN) on Monday released a total of $210 million into the foreign exchange market.

This was to provide lifeline for the local currency. Monday’s injection was $15 million more than what the apex bank usually support the market with, $195 million.

Acting Director of Corporate Communications at the CBN, Mr Isaac Okorafor, disclosed that $100 million was given to the wholesale segment, $55 million to the SMEs segment, and $55 million to the invisibles segment, comprising tuition fees, medical payments and Basic Travel Allowance (BTA), among others.

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Mr Okorafor noted that the releases were aimed at boosting liquidity, trade and ease of remittances for legitimate personal commitments.

According to him, the apex bank will sustain its regular intervention.

The spokesman further said the CBN was okay with the level of sanity at the forex market, but warned that the central bank will not hesitate to wield its big stick on any operator that messes up.

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He assured genuine customers that forex would be made available to them and urged them not to panic at all.

Mr Okorafor promised that the CBN will continue to monitor operators at the forex market to ensure they play by the rules.

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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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