CBN Sells $210m to Forex Dealers

July 4, 2018
forex Black Market

By Modupe Gbadeyanka

The Central Bank of Nigeria (CBN) on Tuesday released the sum of $210 million into the foreign exchange (forex) market.

This was to ensure that the supply of forex to the market is never disrupted in anyway, which could put more pressure on the Naira if such is allowed to happen.

A statement issued by the apex bank yesterday disclosed that from the $210 million injected into the market, $100 million was supplied to those in the wholesale segment.

For those in the Small and Medium Enterprises (SMEs) sector, they received $55 million, while the same amount, $55 million, was also given to the invisibles segment, which caters for customers in need of forex for payment of school fees, medicals, travel allowances and others.

The CBN promised to regularly make forex available to genuine customers and urged dealers to continue to be transparent in the disbursement of the foreign currencies.

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.

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