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Central Bank Of Nigeria, CBN Intervenes In Forex Market Again, Pumps In $210m

The Central Bank of Nigeria. CBN has pumped in fresh 210m USD to meet customers’ requests in various segments of the foreign exchange market.

According to Eyes Of Lagos, the Bank’s Acting Director, Corporate Communications Department, Mr Isaac Okorafor in a statement on Monday in Abuja, said that 100 million dollars was offered to authorised dealers in the wholesale segment of the market. Okorafor said that the Small and Medium Enterprises (SMEs) segment got 55 million dollars, while customers in need of foreign exchange for tuition fees, medical payments and Basic Travel Allowance (BTA), were allocated 55 million dollars.

Okorafor reiterated the CBN’s commitment to continuous intervention in the interbank foreign exchange market, in line with its pledge to sustain liquidity in the market and maintain stability. He said that the CBN would continue to strategically manage the foreign exchange market with a view to reducing the country’s import bills and halting depletion of its foreign reserves.

On Feb. 12, the CBN had intervened to the tune of 210 million dollars to cater for requests in the various segments of the market. The Nigeria Naira has however continued 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.

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