CBN Strengthens Forex Market with Fresh $210m

November 29, 2017
forex Black Market

By Modupe Gbadeyanka

The foreign exchange market in Nigeria was further strengthened yesterday by its apex bank with the release of fresh $210 million.

According to the Central Bank of Nigeria (CBN), the $210 million released on Tuesday was part of effort aimed at boosting liquidity in the forex market, facilitating trade and easing remittances for legitimate personal commitments.

Spokesman of the chief lender, Mr Isaac Okorafor, stated that the Whole segment was supported with $100 million, while the Small and Medium Enterprises (SMEs) sector had $55 million, and the invisibles window, (i.e. tuition fees, medical payments and Basic Travel Allowance (BTA), among got $55 million.

Mr Okorafor said the bank was satisfied with the level of sanity at the forex market, noting that more efforts would be done to sustain this.

He disclosed that the apex would continue to monitor the market and the traders to ensure they keep to the rules.

The spokesman assured genuine customers of the availability of forex to purchase and urged them not to panic.

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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