CBN Pumps Additional $196m into Forex Market

By Modupe Gbadeyanka

Nigeria’s central bank has added an additional $196.2 million into the foreign exchange market as part of its intervention.

It was gathered that on Tuesday, the nation’s chief bank offered $100 million to authorized dealers at Tuesday’s forex wholesale auction.

Last month, the apex bank increased allocation to authorised Bureaux De Change (BDC) operators to $20,000 per auction for two times a week; Tuesdays and Thursdays.

According to spokesman of the Central Bank of Nigeria (CBN), Mr Isaac Okorafor, the sum of $44.2 million was released for invisibles such Personal Travel Allowance (PTA), Basic Travel Allowance (BTA), Medicals and tuition.

Mr Okorafor further said the central bank released $52 million to the Small and Medium Enterprises (SMEs) segment.