CBN boosts foreign exchange market with $210m

The Central Bank of Nigeria (CBN) has injected $210 million into the inter-bank Foreign Exchange Market to ensure adequate supply of foreign exchange to customers.
CBN Acting Director, Corporate Communications Department, Mr Isaac Okorafor, said $100 million was offered to authorised dealers in the wholesale segment of the market.
He said customers in the Small and Medium Enterprises segment received $55 million and those requiring foreign exchange for tuition fees, medical payments and Basic Travel Allowance among others, recieved $55 million.
Okorafor reassured the public that the bank would continue to intervene in the interbank Foreign Exchange Market in line with its desire to sustain liquidity in the market and maintain stability.
It will be recalled that on August 23 and 24, the bank injected $543.22 million and 63.21 million Chinese Yuan into the Inter-bank Foreign Exchange Market.
Meanwhile, the naira continued its stability in the Foreign Exchange Market, exchanging at an average of N361 to a dollar in the Bureau De Change segment of the market.