CBN Injects Fresh $195m into Forex Market

By Dipo Olowookere

Another $195 million has been released by the Central Bank of Nigeria (CBN) to boost liquidity in the foreign exchange market.

The latest $195 million forex was injected into the market on Monday by the bank and it followed a similar amount pumped into the market last Wednesday.

It is to meet forex demands of customers in the various segments created by the central bank.

Analysis of the disbursement showed that $100 million was released to authorized dealers in the wholesale window.

In addition, the Small and Medium Enterprises (SMEs) window was given a total of $50 million, while the remaining $45 million was allotted to cater for BTA/PTA, tuition and medical bills.

Spokesman of the apex bank, Mr Isaac Okorafor, who confirmed the release, maintained that the CBN will continue its intervention in the forex market.

According to him, the past interventions, about $5 million, have led to the gradual recovery of the Naira against the Dollar at the forex market.