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CBN Fortifies Naira With $210m Pumped Into Forex Market

By Dipo Olowookere

The Central Bank of Nigeria (CBN) on Tuesday continued its efforts to strengthen the local currency with the injection of $210 million into the foreign exchange market (Forex).

This was to ensure forex dealers meet demands of their customers.

A breakdown of the injection showed that $100 million was allotted to authorised dealers in the wholesale segment of the market, while the Small and Medium Enterprises (SMEs) segment got $55 million and another $55 million allotted to invisibles to cater for those in need of forex for tuition fees, medical payments and Basic Travel Allowance (BTA), among others.

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A statement issued by the acting Director, Corporate Communications at CBN, Mr Isaac Okorafor, assured that more interventions would be made to sustain liquidity at the market.

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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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