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Forex Traders Receive $210m from CBN

By Dipo Olowookere

The Central Bank of Nigeria (CBN) on Tuesday released the sum of $210 million to the foreign exchange market.

This was done to ensure the Naira doesn’t succumb to pressure from the huge demand of the United States Dollar.

The $210 million was specifically injected into the interbank segment of the foreign exchange market by the apex bank.

This kept the Naira stable at the segment yesterday at N306.75 to a Dollar.

A breakdown of the supply showed that $100 million was allotted to the wholesale market, with $55 million for small businesses and individuals, and $55 million for certain dollar expenses such as school fees and medical bills.

Spokesman of the central bank, Mr Isaac Okorafor, who confirmed the intervention, said the bank will continue to make efforts to boost liquidity and alleviate Dollar shortages at the market.

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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