CBN Boosts Naira at Forex Market with Fresh $210m

By Modupe Gbadeyanka

The local currency received another boost on Tuesday with the injection of an additional $210 million into the foreign exchange market.

The intervention was provided by the Central Bank of Nigeria (CBN) and was made to fortify the nation’s inter-bank forex market.

Spokesman of the apex bank, Mr Isaac Okorafor, who confirmed the injection, reiterated CBN’s capacity to continue to sustain the foreign exchange intervention.

It was gathered that the central bank sold $100 million to authorised dealers in the wholesale segment of the market, while both the Small and Medium Scale Enterprises (SMEs) and the invisibles (for tuition fees, medical payments and Basic Travel Allowance) received $55 million each.

Mr Okorafor urged authorized dealers to help sustain the confidence in the foreign exchange market by continuing to honour requests from customers with genuine needs.

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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.