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Forex Dealers Receive $210m from CBN

By Dipo Olowookere

On Tuesday, July 17, 2018, the Central Bank of Nigeria (CBN) released the sum of $210 million into the foreign exchange market.

This was done with the sole aim of sustaining liquidity at the market. It was also to ensure those who need foreign currencies to complete their transactions have access to them.

CBN’s Acting Director of Corporate Communications Department, Mr Isaac Okorafor, in a statement yesterday, restated the apex bank resolve to continue to intervene in the interbank foreign exchange market, in line with its pledge to sustain liquidity in the market and maintain stability.

He confirmed that the continued forex intervention is to ensure that the bank meets genuine customers’ requests in various segments of the market.

A breakdown of the injection showed that $100 million was sent to authorized dealers in the wholesale segment of the market, while the Small and Medium Enterprises (SMEs) segment got the sum of $55 million, just as $55 million was also allocated for invisibles such as tuition fees, medical payments and Basic Travel allowance (BTA).

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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