Business

CBN injects $210m into foreign exchange market

 

The Central Bank of Nigeria (CBN) has injected $210 million into the inter-bank Foreign Exchange Market to meet customer’s request in various segments of the market.

The CBN Director, Corporate Communications, Mr. Isaac Okorafor, disclosed this in a statement on Tuesday in which he said that $100 million was offered to authorised dealers in the wholesale segment of the market.

He said the Small and Medium Enterprises segment was boosted with $55 million, adding that those requiring foreign exchange for tuition fees, medical payments and Basic Travel Allowance among others, received $55 million.

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.

On Aug. 28, the Bank injected another $210 million to cater for requests in the wholesale segment of the foreign exchange market.

Meanwhile, the naira continued its stability in the Foreign Exchange Market, exchanging at an average of N361 to a dollar in the Bureau De Change segment of the market in Abuja.

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