CBN injects $210m into foreign exchange market

The Central Bank of Nigeria (CBN) in its quest to guarantee the availability of foreign exchange for customers’ needs has injected another $210 million into the foreign exchange market.
The Acting Director, Corporate Communications, Mr Isaac Okoroafor, in a statement on Monday in Abuja, said that $100 million was allocated to authorised dealers in the wholesale segment of the market.
 
He said that the Small and Medium Enterprises (SMEs) segment also received $55 million, while customers requiring foreign exchange for tuition fees, medical payments and Basic Travel Allowance (BTA), among others, were also allocated $55 million.
 
Okoroafor, said the apex 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.
 
He said the steps taken so far by the bank in the management of foreign exchange was paying off, as reflected by reduction in the country’s import bills and accretion to foreign reserves which stood at 46 billion dollars.
 
The CBN recently injected $355.43 million into the Foreign Exchange Retail Secondary Market Intervention Sales.
 
Meanwhile, the naira continued its stability in the foreign exchange market, exchanging at an average of N360 to a dollar in the Bureau De Change segment of the market.