CBN Fortifies Forex Market with Fresh $210m

March 7, 2018
forex Black Market

By Modupe Gbadeyanka

On Tuesday, the Central Bank of Nigeria (CBN) released the sum of $210 million to traders in the foreign exchange market.

This intervention was to strengthen the local currency against the major foreign currencies being traded at the forex market.

Spokesman of the apex bank, Mr Isaac Okorafor, who confirmed the release of the $210 million yesterday, disclosed that $100 million was given to authorised dealers in the wholesale segment of the market, while those in the Small and Medium Scale Enterprises (SMEs) and invisibles segments received $55 million each.

According to Mr Okorafor, steps taken so far by the central bank have paid off in the management of forex.

He disclosed that this has been reflected by reductions in the country’s import bills and accretion to its foreign reserves.

He assured Nigerians that the apex bank will continue to intervene in the interbank foreign exchange market, in line with its determination to sustain liquidity in the market and maintain stability.

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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