CBN boosts forex market with $210m

The Central Bank of Nigeria has injected 210 million dollars into the inter-bank foreign exchange market to ensure adequate supply of foreign exchange to customers.

The CBN acting Director, Corporate Communications Department, Mr Isaac Okorafor, said 100 million dollars was offered to authorised dealers in the wholesale segment of the market.

He said customers in the Small and Medium Enterprises segment received 55 million dollars and those requiring foreign exchange for tuition fees, medical payments and Basic Travel Allowance among others, recieved 55 million dollars.

Okorafor reassured the public that the 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.

It will be recalled that on Aug. 23 and 24, the Bank injected a total sum of 543.22 million dollars and 63.21 million Chinese Yuan into the Inter-bank Foreign Exchange Market.