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CBN Boosts FOREX Market with $210m

Oru Leonard
The Central Bank of Nigeria (CBN), on Wednesday, May 2, 2018, again injected the sum of $210 million into the inter-bank Foreign Exchange market in continuation of its efforts to sustain liquidity in the market.
The apex Bank offered the sum of $100 million to authorized dealers in the wholesale segment of the market. The Small and Medium Scale Enterprises (SMEs) segment received the sum of $55 million while the sum of $55 million was apportioned to invisibles such as tuition fees, medical payments and Basic Travel Allowance (BTA)
A statement from the Banks Acting Director, Corporate Communications Department, Mr. Isaac Okorafor, confirmed the figures and reiterated CBNs capacity to continue to sustain the foreign exchange intervention.
Mr. Okorafor urged Deposit Money Banks to continue to honour requests from customers with genuine needs, noting that the Bank will continue to sustain liquidity in the foreign exchange market.
Meanwhile, the nations currency continued on Wednesday, May 2, 2018 to maintain its stability in the FOREX market, exchanging at an average of N362/$1 in the BDC segment of the market.
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