CBN Fortifies Forex Market with $254.3m

By Dipo Olowookere

On Friday, the Central Bank of Nigeria (CBN) released $254.3 million to the retail segment of the Nigerian inter-bank foreign exchange market.

The amount was released by the central bank to meet the forex needs of companies in the airline, agricultural, raw materials and petroleum sectors.

Spokesman of the CBN, Mr Isaac Okorafor, noted that the amount was provided after the apex bank received bids from forex dealers at a retail auction on Wednesday.

Mr Okorafor said the $254.3 million was part of the interventions of the central bank to boost forex liquidity.

He promised that all sectors of the economy will continue to enjoy access to the foreign exchange required for their business concerns.

Since February this year, the apex bank has released over $5 billion into the foreign exchange market to meet demands of customers.