By Modupe Gbadeyanka
The local currency received another boost on Tuesday with the injection of an additional $210 million into the foreign exchange market.
The intervention was provided by the Central Bank of Nigeria (CBN) and was made to fortify the nation’s inter-bank forex market.
Spokesman of the apex bank, Mr Isaac Okorafor, who confirmed the injection, reiterated CBN’s capacity to continue to sustain the foreign exchange intervention.
It was gathered that the central bank sold $100 million to authorised dealers in the wholesale segment of the market, while both the Small and Medium Scale Enterprises (SMEs) and the invisibles (for tuition fees, medical payments and Basic Travel Allowance) received $55 million each.
Mr Okorafor urged authorized dealers to help sustain the confidence in the foreign exchange market by continuing to honour requests from customers with genuine needs.
