The Central Bank of Nigeria (CBN) has injected another $210 million into the forex market.
The injection of the additional funds is in line with the apex bank desire to ensure the availability of forex and also meet customers’ requests in various segments of the market.

Data from the apex bank showed that it offered $100 million to authorized dealers in the wholesale segment of the market, while the Small and Medium Enterprises (SMEs) segment received the sum of $55 million.

Customers requiring 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.

CBN’s Acting Director, Corporate Communications, Mr. Isaac Okorafor, confirmed the figures, adding that those who made bids in the wholesale window would receive value for the bids on Tuesday.

Okorafor reassured the public that the bank would continue to intervene in the interbank foreign exchange market in line with its quest to sustain liquidity in the market and maintain stability. He added that the steps taken so far in the management of forex had paid off, as reflected by reduction in the country’s import bills and accretion to its foreign reserves.

In a related development, the naira continued its stability in the foreign exchange market, exchanging at an average of N360 to the dollar in the Bureau de Change segment of the market.


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