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Business > Money Market
CBN boosts forex market with $210m
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By Adesanya Alao
February 12, 2018 13:25:32pm GMT      |      Views: 284
Naira and Dollar in forex trading

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

According to latest data on Monday, February 12 2018, the CBN offered $100million to authorized dealers in the wholesale segment of the market, while the Small and Medium Enterprises (SMEs) segment got the sum of $55 million. 

The figures also indicated that customers needing 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.

The Bank’s Acting Director, Corporate Communications Department (CCD), Mr. Isaac Okorafor, assured Nigerians that the bank will continue to intervene in the interbank foreign exchange market, in line with its pledge to sustain liquidity in the market and maintain stability. According to Mr. Okorafor, the CBN will not renege on its promise to manage the forex with a view to reducing the country’s import bills and halting depletion of its foreign reserves.

The CBN had last Friday intervened in the Retail Secondary Market Intervention Sales (SMIS) to the tune of $325.64 million to cater for requests in the airlines, agricultural, petroleum products and raw materials and machinery sectors.

Meanwhile, the naira continued its stability in the FOREX market, exchanging at an average of N361/$1 in the BDC segment of the market on Monday, February 12, 2018.

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