The Central Bank of Nigeria (CBN) on Monday said it has injected additional $210 million into the foreign exchange market in furtherance of its quest to guarantee the availability of foreign exchange for customers’ needs. The Acting Director, Corporate Communications, Isaac Okoroafor, who made the disclosure in a statement issued to newsmen in Abuja, said $100 million was allocated to authorised dealers in the wholesale segment of the market.
He added that the Small and Medium Enterprises (SMEs) segment also received $55 million, while customers requiring foreign exchange for tuition fees, medical payments and Basic Travel Allowance (BTA), among others, were also allocated $55 million
He assured that the apex bank would continue to intervene in the interbank foreign exchange market in line with its desire to sustain liquidity in the market and maintain stability.
Speaking on the gain of the several interventions in Foreign exchange market, he said the steps taken so far by the bank in the management of foreign exchange was paying off, as reflected by reduction in the country’s import bills and accretion to foreign reserves which stood at $46 billion.
Recall that the CBN recently injected $355.43 million into the Foreign Exchange Retail Secondary Market Intervention Sales. The move has seen the naira continue its stability in the foreign exchange market, exchanging at an average of N360 to a dollar in the Bureau De Change segment of the market.
