CBN Puts $250m into Forex Market to Boost Liquidity

August 29, 2017
forex Black Market

By Modupe Gbadeyanka

The sum of $250 million was offered to the inter-bank foreign exchange market yesterday by the Central Bank of Nigeria (CBN).

The amount was auctioned by the apex bank as part of its efforts to intervene in the market so as to boost liquidity.

A breakdown of the intervention showed that the wholesale segment received $100 million, while the Small and Medium Enterprises (SMEs) got $85 million, and the invisible segments was allotted $65 million.

Acting Director, Corporate Communications Department at the CBN, Mr Isaac Okorafor, disclosed yesterday that in the coming days, the bank will release more forex into the market.

He assured consumers of the apex bank’s determination to continue with the interventions to sustain the present stability.

Modupe Gbadeyanka

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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