Dipo Olowookere
By Dipo Olowookere
The Central Bank of Nigeria (CBN) on Tuesday, November 13, 2018, provided the sum of $210 million to foreign exchange (forex) dealers in the country.
This is part of its efforts to ensure that the smooth supply of foreign currencies to genuine customers is never distorted.
According to a statement issued by the apex bank, the $210 million was released to the inter-bank segment of the forex market.
Figures obtained from the CBN indicate that the authorized dealers in the wholesale segment of the market received the sum of $100 million while the Small and Medium Enterprises (SMEs) and invisible segments were allotted the sum of $55 million each.
In the statement, spokesman of the bankers’ bank, Mr Isaac Okorafor, assured that the CBN would continue to sustain liquidity in the forex market.
He also expressed optimism that the Naira will continue its strong run against the dollar and other major currencies around the world, considering the stability in the market and robust reserves.
Recall that last Friday, the CBN made interventions to the tune of $337.16million in the retail Secondary Market Intervention Sales (SMIS) and CNY 56.17million in the spot and short-tenored forwards segment of the foreign exchange market.
