Money

CBN injects $210m into forex market

BY NKECHI NAECHE—Poised to sustain the forex market and meet customers request, the Central Bank of Nigeria (CBN) said it has injected $210million into the various segments of the foreign exchange market.

The apex Bank said it offered $100million to authorized dealers in the wholesale segment of the market, while the Small and Medium Enterprises (SMEs) segment received the sum of $55 million.

This is contained in a notice released by the bank on Tuesday, June 12, 2018, that customers needing foreign exchange for invisibles such as tuition fees, medical payments and Basic Travel Allowance (BTA), among others, were also allocated the sum of $55 million.

Speaking further, the Acting Director, Corporate Communications Department (CCD), Mr. Isaac Okorafor, reassures the Bank’s commitment to continue to intervene in the interbank foreign exchange market, in line with its pledge to sustain liquidity in the market and maintain stability.

He assured that the CBN would sustain its strategic management of forex, with a view to reducing the country’s import bills and halting depletion of its foreign reserves.

The CBN last Monday, June 4, 2018, intervened to the tune of $210 million to cater for requests in the wholesale segment of the market.

The CBN had last week approved an upward review of the trading margin available to operators of Bureau De Change (BDC) in the country, allowing BDC operators could buy the United States dollar from the CBN at the rate of N357/$1 and sell at N360, thereby leaving them with a positive margin of N3.00 per dollar sold.

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