BrandArena: CBN Boosts Forex Market With $210m

Wednesday, 7 March 2018

CBN Boosts Forex Market With $210m

The Central Bank of Nigeria (CBN) has again lifted the interbank foreign exchange market with $210 million. On Tuesday, March 6, 2018 the Naira exchanged for N361/$1 on the BDC segment of the market.

According to figures released by the Bank, the CBN offered $100 million to authorized dealers in the wholesale segment of the market, while the Small and Medium Scale Enterprises (SMEs) segment received the sum of $55 million. Another sum of $55 million was apportioned to invisibles such as tuition fees, medical payments and Basic Travel Allowance (BTA)

The Acting Director, Corporate Communications Department of the CBN, Mr. Isaac Okorafor in the statement reassured the public that the apex bank would continue to intervene in the interbank foreign exchange market, in line with its determination to sustain liquidity in the market and maintain stability. He stated that the steps taken so far by the bank in managing forex had paid off, as reflected by reductions in the country’s import bills and accretion to its foreign reserves.

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