CBN To Boost Foreign Exchange Market With $210 million

CBN To Boost Foreign Exchange Market With $210 million
CBN To Boost Foreign Exchange Market With $210 million

CBN To Boost Foreign Exchange Market With $210 million

The Central Bank of Nigeria (CBN) on Tuesday boosted the inter-bank foreign exchange market with another $210 million, the bank’s acting Director, Corporate Communications, Isaac Okorafor, said.

Mr Okorafor said in a statement that the apex bank offered $100 million to authorised dealers in the wholesale segment of the market.

He added that the Small and Medium Scale Enterprises (SMEs) segment received $55 million, while $55 million was apportioned to invisibles such as tuition fees, medical payments and Basic Travel Allowance.

The acting director reiterated CBN’s capacity to continue to sustain the foreign exchange intervention.

He urged authorised dealers to help to sustain the confidence in the foreign exchange market by continuing to honour requests from customers with genuine needs.

CBN last week intervened in the foreign exchange market to the tune of $559.34 million.

Meanwhile, the Naira had continued to maintain stability in the market, exchanging at an average of N362 to a dollar in the Bureau De Change segment of the market.

(NAN)

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