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CBN Supports Naira at Forex Market With Fresh $210b

By Dipo Olowookere

The foreign exchange market was strengthened on Tuesday with another injection done by the Central Bank of Nigeria (CBN).

A statement issued by the apex bank disclosed that the sum of $210 million was injected into the inter-bank segment of the forex market.

According to the Director of Corporate Communications at the CBN, Mr Isaac Okorafor, the $210 million was mainly to meet customer’s request in various segments of the market.

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A breakdown showed that $100 million was allocated to authorised dealers in the wholesale segment of the market, while $55 million each given each to the Small and Medium Enterprises segment and the invisibles, which caters for those requiring forex for tuition fees, medical payments and Basic Travel Allowance among others.

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Mr Okorafor reassured the public that the bank would continue to intervene in the interbank Foreign Exchange Market, in line with its desire to sustain liquidity in the market and maintain stability.

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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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