CBN Supplies Fresh $210m to Interbank Forex Market

By Dipo Olowookere

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

This was part of its commitment to ensure that customers with genuine demand for forex have access to it.

A statement issued by the apex bank disclosed that the $210 million was injected into the inter-bank segment of the forex market.

A breakdown of the intervention showed that the sum of $100 million was offered to authorized dealers in the wholesale segment of the market.

In addition, the central bank gave those at the Small and Medium Enterprises (SMEs) segment the sum of $55 million.

Also, customers requiring foreign exchange for invisibles such as tuition fees, medical payments and Basic Travel Allowance (BTA), among others, were allocated the sum of $55 million.

In the statement signed by the CBN Acting Director, Corporate Communications Department (CCD), Mr Isaac Okorafor, members of the public were reassured that the apex bank would continue to intervene in the interbank foreign exchange market in line with its quest to sustain liquidity in the market and maintain stability.

The spokesman added that the steps taken so far by the Bank in the management of forex had paid off, as reflected by reduction in the country’s import bills and accretion to its foreign reserves.