CBN Injects $210m Into Forex Market

The Central Bank of Nigeria (CBN) has channelled 210 million dollars into the inter-bank Foreign Exchange Market to boost liquidity in the sector.

This was revealed in a statement by the bank’s Director, Corporate Communications Department, Mr Isaac Okorafor, in Abuja on Tuesday.

Okorafor categorized the funding to the wholesale segment and the small and medium enterprise, emphasizing that both will receive the sum of 100 million dollars and 55 million dollars respectively.

He also said 55 million dollars would be allocated to customers who were seeking foreign exchange for Invincibles such as tuition fees, medical payments and Basic Travel Allowance, among others.

The director said the purpose for which this is done by the bank CBN is to sustain liquidity and continuity in the exchange market, which accentuates the Governor, Godwin Emefiele's opinion on the Forex market.

Progressively, the bank sent into the Retail Secondary Market Intervention Sales segment sum of 218.41 million dollars and CNY18 million On Friday

Meanwhile, as of Tuesday, the exchange rate for dollar in the Bureau de Change segment of the market has maintained a stable rate of N358.