CBN Injects $210m into Forex Market

Central Bank of Nigeria (CBN) Tuesday injected $210 million into the foreign exchange market (Forex) to meet customers’ requests in various segments.

In a statement in Abuja by the

CBN Acting Director, Corporate Communications, Isaac Okorafor, $100 million was allotted to authorised dealers in the wholesale segment of the market, while the Small and Medium Enterprises (SMEs) segment got $55 million. 

Okorafor said customers requesting foreign exchange for invisibles such as tuition fees, medical payments and Basic Travel Allowance (BTA), among others, are also allocated $55 million.

He explained that the bank intervened with $210 million to cater for requests in the wholesale segment of the Forex market. 

Meanwhile, the Naira continued its stability in the foreign exchange market, exchanging at an average of N360 per dollar in the Bureau de Change (BDC) segment of the market.