CBN Further Boosts Forex Market with $142.5m

By Modupe Gbadeyanka

The foreign exchange (forex) market received another boost on Monday with the release of $142.5 million by the Central Bank of Nigeria (CBN).

A breakdown of the amount showed that dealers in the whole segment of the market received $100 million, while those in the Small and Medium Enterprises (SMEs) segment got $23 million.

In addition, $19.5 million was allotted to settle the invisibles, which include BTA, medical fees, school fees amongst others.

Last Friday, the apex bank released the sum of $254.3 million to retail segment of the market.

Spokesman of the CBN, Mr Isaac Okorafor, who confirmed today’s intervention in a statement, assured traders and customers that the bank will continue to release additional forex into the market to boost liquidity.

Furthermore, he said the central bank will continue to be transparent with the intervention and called for cooperation from all stakeholders.

Association of Bureau De Change Operators of Nigeria ABCON

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Modupe Gbadeyanka

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.