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CBN Sustains Forex Supply with Fresh $195m

By Dipo Olowookere

On Monday, November 13, 2017, the Central Bank of Nigeria (CBN) continued with its weekly supply of foreign exchange (forex) into the market.

Yesterday, the apex bank injected the sum of $195 million into the market as part of its efforts to sustain the supply of forex for genuine customers.

According to the central bank, the sum of $100 million was released to the Wholesale segment, while the Small and Medium Enterprises (SMEs) segment got $50 million, and $45 million was allotted to the invisibles segment comprising tuition, medical payments and Basic Travel Allowance (BTA).

Speaking on the development, the Acting Director of Corporate Communications Department at CBN, Mr Isaac Okorafor, stated that the release of the $195 million on Monday was in fulfilment of the bank’s promise to continue to intervene in the market.

Mr Okorafor said the apex bank was satisfied with the level of compliance by forex traders at the market and assured customers of the available of forex to meet their demands.

The CBN spokesman said the chief lender will continue to intervene in the nation’s forex market in order to sustain the liquidity in the market and guarantee the international value of the Naira.

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan.

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