CBN injects $210m into Forex market

Central Bank of Nigeria (CBN) has injected 210 million dollars into the foreign exchange market (Forex) to meet customers’ requests in various segments, Mr Isaac Okorafor, acting Director, Corporate Communications says.

In a statement on Tuesday in Abuja, he said 100 million dollars was allotted to authorised dealers in the wholesale segment of the market, while the Small and Medium Enterprises (SMEs) segment got 55 million dollars.

Okorafor notes that according to the bank’s figures, customers requesting foreign exchange for invisibles such as tuition fees, medical payments and Basic Travel Allowance (BTA), among others, are
also allocated 55 million dollars.

He recalled that the bank, on Thursday, intervened with 210 million dollars to cater for requests in the wholesale segment of the Forex market.

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Meanwhile, the Naira continued its stability in the foreign exchange market, exchanging at an average of N360 per dollar in the Bureau De Change (BDC) segment of the market.