CBN injects $210m to boost foreign exchange market

Central Bank of Nigeria (CBN) has injected 210 million dollars in a bid to boost the inter-bank foreign exchange market and to meet customers’ requests in various segments of the market.

Mr Isaac Okorafor, Acting Director, Corporate Communications, Central Bank of Nigeria, in a statement on Monday in Abuja said that, the fund would ensure that legitimate demands for foreign exchange were met.

He stated that the CBN offered 100 million dollars to authorised dealers in the wholesale segment of the market, while the Small and Medium Enterprises (SMEs) segment got 55 million dollars.

Mr Isaac Okorafor added that, customers in need of foreign exchange for tuition fees, medical payments and Basic Travel Allowance (BTA), among others, were also allocated the sum of 55 million dollars.

He reiterated the Bank’s determination 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 said that CBN would continue to manage the forex market with a view to reducing the country’s import bills and minimise depletion of foreign reserves.

It would be recalled that last week, CBN intervened in the market to the tune of 210 million dollars, to cater for requests in the airlines, agricultural, petroleum products, raw materials and machinery sectors.

Meanwhile, naira depreciated by 57 kobo to close at N360.67 per dollar in the Investors’ and Exporters’ (I&E) window.