CBN boosts foreign exchange market with $210m

The internet-bank Foreign Exchange was on Tuesday boosted by the Central Bank of Nigeria, CBN, with the injection of another $210 million.

This was disclosed by the Director, Corporate Communications at the CBN, Isaac Okoroafor in a statement in Abuja.

According to Okoroafor, this was in continuation of the CBN’s sustenance of liquidity in that segment of the market, adding that the distribution of the fund showed that authorised dealers in the wholesale segment of the market were offered 100 million dollars, while the Small and Medium Enterprises segment received $55m.

Read also: Nigerian govt enters N186m agreement with Islamic Bank for hajj, textile industry

The invincible segment, comprising of customers who need foreign exchange for tuition fees, medical payments and Basic Travel Allowance among others, were allocated $55m.

The statement also reaffirmed the apex bank’ commitment to continually boost the inter-bank foreign exchange market to ensuring liquidity and stability.

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