Home Business Money CBN boosts Forex market with fresh $210m
Money

CBN boosts Forex market with fresh $210m

Share
CBN's Logo
Share

The inter-bank Foreign Exchange Market has received the sum of $210million from the Central Bank of Nigeria (CBN), to meet customers’ requests in various segments of the market.
The CBN offered $100 million to authorized dealers in the wholesale segment of the market, while the Small and Medium Enterprises (SMEs) segment got the sum of $55 million, according to figures obtained from the Bank on Tuesday, July 10, 2018.

The figures also indicated 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.

The Bank’s Acting Director, Corporate Communications Department (CCD), Mr. Isaac Okorafor, assured Nigerians that the Bank will continue to intervene in the interbank foreign exchange market, in line with its pledge to sustain liquidity in the market and maintain stability. According to Mr. Okorafor, the CBN will not renege on its promise to manage the forex with a view to reducing the country’s import bills and halting depletion of its foreign reserves.

Last Tuesday, July 03, 2018, the Central Bank of Nigeria (CBN) intervened to the tune of $210.0 million, to cater for requests in the wholesale segment of the market.

Meanwhile, the naira continued its stability in the FOREX market, exchanging at an average of N360/$1 in the BDC segment of the market on Tuesday, July 10, 2018.

Share

Businesstoday Magazine

Businesstoday Conference/Awards

Related Articles

SABA Steel, Coleman Wire & Cables, Others Collaborate with Ecobank for Inaugural Design & Build Expo

Leading global brands in the building, design and finance sectors are partnering...

CBN Warns Public Against Fraudulent Contract, Project Funding Claims

The Central Bank of Nigeria (CBN) wishes to alert members of the...

Ecobank Opens Market At The London Stock Exchange To Celebrate Successful Issuance Of US$400 Million Eurobond

ETI will use the net proceeds from the issuance of the Notes...

Stanbic IBTC Launches DiSEP 4.0, Empowering Nigerian Youths With Cutting-edge Digital Skills

Stanbic IBTC Holdings, has unveiled the fourth edition of its flagship Digital...