CBN Fortifies Naira With $210m Pumped Into Forex Market

June 27, 2018
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.

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.

Dipo Olowookere

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.

Mr Olowookere can be reached via [email protected]

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