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Forex Market Gets Fresh $210m from CBN

By Dipo Olowookere

Another $210 million was on Tuesday released into the foreign exchange market by the Central Bank of Nigeria (CBN).

The amount was specifically pumped into the interbank window of the forex market to sustain its fluidity.

Acting Director, Corporate Communications at the CBN, Mr Isaac Okorafor, who confirmed the latest intervention, emphasised that the $210 million was to boost liquidity, trade and ease of remittances for legitimate personal commitments.

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According to him, the apex bank shared the forex to the wholesale, small and medium scale enterprises (SMEs) and invisibles segments of the market.

A breakdown of the disbursement showed that the wholesale segment got $100 million, while the SMEs segment was allotted $55 million, and the invisibles segment also received $55 million.

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Mr Okorafor assured genuine customers of the CBN’s determination to meet their forex demands, while reminding dealers to remain transparent in the sale of the foreign currencies.

He said the central bank would continue to intervene in the inter-bank forex market to ensure uninterrupted supply.

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Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan.

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