Foreign exchange market gets CBN’s US$210m boost

Abuja, Feb. 12, 2018 (TNE) The inter-bank Foreign Exchange Market has received US$ 210 million from the Central Bank of Nigeria (CBN) to meet customers’ requests in various segments of the market.

The CBN acting Director, Corporate Communications, Mr Isaac Okorafor, said US$ 100 million was sold to authorised dealers in the wholesale segment of the market.

He said the Small and Medium Enterprises (SMEs) segment got US$ 55 million, while another US$ 55 million was allocated for customers who need foreign exchange for tuition fees, medical payments and Basic Travel Allowance (BTA), among others.

Okorafor assured Nigerians that the apex bank will 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 the CBN will not renege on its promise to manage the foreign exchange market with a view to reducing the country’s import bills and halting depletion of its foreign reserves.

Last week, the CBN intervened in the foreign exchange market to the tune of US$ 325.64 million to cater for requests in the airlines, agriculture, petroleum products and raw materials and machinery sectors.

Meanwhile, the Naira continued its stability in the market, exchanging at an average of N361 to the dollar in the Bureau de Change segment.

(TNE)

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