Dipo Olowookere
By Dipo Olowookere
On Tuesday, September 5, 2017, the Central Bank of Nigeria (CBN) released the sum of $250 million into the foreign exchange (Forex) market.
Tuesday’s $250 million injection was disbursed to the various segments of the inter-bank forex market to ensure availability of forex at the market.
Spokesman of the central bank, Mr Isaac Okorafor, who confirmed the latest forex injection, explained that the sum of $100 million was given to the Retail Secondary Market Intervention Sales segment.
He added that the $80 million was offered to the Small and Medium Enterprises segment, while $70 million was allotted to the invisibles segment, comprising Business/Personal Travel Allowances, school tuition, medicals, among others.
Mr Okorafor disclosed that the bank will continue to make forex available to the market at every point in time.
He said the past interventions have helped pushed the economy back on track, especially with the news by the National Bureau of Statistics (NBS) on Tuesday that Nigeria has exited recession it slumped into last year.
