CBN Injects $205m Into Forex Market

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The Central Bank of Nigeria (CBN) said it injected the sum of $205 million into the inter-bank Foreign Exchange Market, in its continued push to sustain liquidity in the sector on Tuesday, May 28.

The CBN said authorised dealers in the wholesale segment of the market were offered the sum of $100 million, while the Small and Medium Enterprises (SMEs) segment received the sum of $55 million.

The sum of $50 million was allocated to customers requiring foreign exchange for invisibles such as tuition fees, medical payments and Basic Travel Allowance (BTA), among others, according to a statement that was issued by the director of corporate communication at the bank, Isaac Okorafor.

Mr. Okorafor said that the central bank’s effort had helped to guarantee stability in all the exchange rate windows. He further noted that the dogged implementation of the country’s foreign exchange restriction to some 43 items had boosted activities in the industrial sector.

He also noted that…



Source: Leadership Newspaper