CBN Supplies $210m to Forex Traders to Strengthen Naira
By Modupe Gbadeyanka
The sum of $210 million was auctioned to traders in the foreign exchange (forex) market yesterday by the Central Bank of Nigeria (CBN).
This was to ensure those who want to complete their transactions or pay bills and allowances have access to forex.
It was also to ensure that the local currency, the Naira, was not under any pressure as a result of scarcity of forex at the market.
A total of $100 million was auctioned to authorised dealers in the wholesale segment of the market, while $55 million was offered to those in the Small and Medium Enterprises (SMEs) segment.
Also, the sum of $55 million was given to forex trader to sell to those who need the foreign currency to pay tuition fees, medical payments and Basic Travel Allowance (BTA), among others.
According to the Acting Director, Corporate Communications Department at the CBN, Mr Isaac Okorafor, the apex bank reiterated its commitment to continue to intervene in the interbank foreign exchange market, in line with its pledge to sustain liquidity in the market and maintain stability.
He further said the apex bank would sustain its strategic management of forex, with a view to reducing the country’s import bills and halting the depletion of its foreign reserves.