CBN pumps $210m in FOREX market
News & Trends •
the central bank of nigeria cbn on monday injected 210 million dollars into the inter-bank foreign exchange market in its bid to sustain liquidity in the foreign exchange market1 the acting director corporate communications department cbn mr isaac okoroafor in a statement said that the move would ensure the continuous availability of foreign exchange to customers1 giving a breakdown okoroafor said that the bank offered 100 million dollars to authorised dealers in the wholesale segment of the market while the small and medium enterprises segment received 55 million dollars1 he said also that customers requiring foreign exchange for invisibles such as tuition fees medical payments and basic travel allowance bta among others were also allocated 55 million dollars1 okoroafor reassured the public that the bank would continue to intervene in the interbank foreign exchange market in line with its desire to sustain liquidity in the market and maintain stability1 he also said that the steps taken so far by the apex bank in the management of foreign exchange was paying off as reflected by reduction in the countrys import bills and accretion to its foreign reserves1 the cbn also recently injected 210 million dollars into the wholesale segment of the foreign exchange market1 meanwhile the naira continued its stability in the foreign exchange market exchanging at an average of n360 to a dollar in the bureau de change segment of the market1