CBN Offers Fresh $195m to Forex Traders

By Modupe Gbadeyanka

On Monday, $195 million was sold to the foreign exchange market by the Central Bank of Nigeria (CBN).

A statement issued by the Acting Director in charge of Corporate Communications Department at the apex bank, Mr Isaac Okorafor, explained that the fresh intervention was to boost liquidity at the market.

He added that three segments of the forex market shared the amount, revealing that $100 million went to the inter-bank, $50 million to the SMEs and the invisibles $45 million.

According to him, the central bank is satisfied with the level of compliance in the forex market and urged traders not to panic.

He promised that the apex bank will continue to boost fluidity of forex at the market, adding that genuine requests would always be met.