CBN Supplies $210m to Forex Traders to Stabilise Naira

October 5, 2018
naira and dollar

By Modupe Gbadeyanka

In a bid to ensure genuine customers who need foreign exchange (forex) to complete their transactions get it, the Central Bank of Nigeria (CBN) on Wednesday released another $210 million into the market.

A statement issued by the apex bank disclosed that the amount was specifically injected into the inter-bank forex market.

According to spokesman of the CBN, efforts would be intensified to boost interbank foreign exchange market to ensure liquidity in the market and sustain stability of the Naira in the market.

Figures obtained from the CBN indicated that authorized dealers in the wholesale segment of the market were offered the sum of $100 million, while the Small and Medium Enterprises (SMEs) segment received the sum of $55 million.

Similarly, customers requiring foreign exchange for invisibles such as tuition fees, medical payments and Basic Travel Allowance (BTA), among others, were also allocated the sum of $55 million.

It will be recalled that on Friday, September 28, 2018, the bank injected the sum of $210 million into the inter-bank foreign exchange market.

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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