Connect with us


CBN releases another $210m to boost foreign exchange market



CBN removes fertilizer from forex transactions, goes tough on defaulters

The Central Bank of Nigeria (CBN) on Tuesday said $210 million had been freshly injected to boost the Nigerian foreign exchange market.

The apex bank had earlier in June injected $242m, and 32.3m Chinese Yuan (CNY) into the retail market.

Confirming the development in a statement on Tuesday, CBN’s Director of Corporate Communications Department, Mr. Isaac Okorafor, said the figures released by CBN indicated that authorized dealers in the wholesale segment of the market were again offered the sum of 100 million dollars.

Read also: Data reveal Nigerians spent N3bn in cinemas in first half of 2019

On the distribution, he noted that the Small and Medium Enterprises (SMEs) window received the sum of 55 million dollars, while 55 million dollars were allocated to customers requiring foreign exchange for invisibles such as tuition fees, medical payments and Basic Travel Allowance (BTA), among others.

Mr Okorafor reiterated the commitment of the bank in sustaining the level of stability in foreign exchange market.

Meanwhile, the naira was N360 to the dollar at the Bureau De Change (BDC) segment as of Tuesday.

Join the conversation


Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now