CBN Injects Fresh $210m Into The Foreign Exchange Market

By Ikenga Chronicles February 6, 2018

CBN Injects Fresh $210m Into The Foreign Exchange Market

The Foreign Exchange market has been refurbished by the Central Bank of Nigeria with the injection of another $210million into the inter-bank Foreign Exchange Market.

The said sum was distributed between the authorised dealers in the wholesale segment of the market and the Small and Medium Enterprises(SMEs) segment, with the former handed $100million and the latter $55 million respectively.

In addition, customers requiring Foreign Exchange for invisibles such as tuition fees, medical payments and Basic Travel Allowance (BTA), among others, were also allocated the sum of $55 million.

This development was disclosed by the Bank’s Acting Director, Corporate Communications Department (CCD), Mr. Isaac Okorafor.

According to him, those yet to receive value for the bid in the wholesale window would be given today.

Okorafor boasted that the steps taken so far by the bank in the management of Forex had yielded results.

Meanwhile, the naira continued its stability in the FOREX market, exchanging at an average of N360/$1 in the BDC segment of the market on Monday.