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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.

Ripples Nigeria

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Ripples Nigeria

We are an online newspaper, very passionate about Nigerian politics, business and their leaders. We dig deeper, without borders and without fears.
www.ripplesnigeria.com

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