CBN Disburses $81.2m to Meet Forex Demands

By Modupe Gbadeyanka

In a bid to meet Dollar requests of customers, the Central Bank of Nigeria (CBN) on Monday released $81.2 million.

A statement issued by spokesman of the apex bank, Mr Isaac Okorafor, explained that the amount is to cover medical and school fees as well as travel allowances and others.

He noted that the CBN remains committed to ensuring that there was enough supply of forex to genuine customers to achieve the goal of forex rates convergence.

According to Mr Okorafor, a breakdown of the disbursement showed that $44 million was allotted for medical and school fees, and travel allowances, while $37.2 million for Small and Medium-sized Enterprises (SMEs).

These efforts, according to the central bank, are to narrow the gap between the official and black market rates.