Categories: Business and Banking

CBN boosts forex market with $210 million

Mr Isaac Okorafor, Acting Director, Corporate Communications, Central Bank of Nigeria (CBN) said the apex bank boosted the foreign exchange market with 210 million dollars to meet customers’ requests in various segments.

Okoroafor said this in a statement on Wednesday in Abuja.

According to him, the bank, in its desire to meet customers’ needs, offered 100 million dollars to authorised dealers in the wholesale segment of the market, while the Small and Medium Enterprises (SMEs) segment got 55 million dollars.

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

He recalled that the CBN on thursday, intervened with 343.06 million dollars to cater for requests in the retail segment of the foreign exchange market.

He added that 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 Wednesday.

CBN boosts forex market with $210 million was last modified: June 21st, 2018 by Dumebi Ifeanyi
Dumebi Ifeanyi

Dumebi Ifeanyi is a Publisher and Writer. A student of the school of Ruthless Pragmatism and a Computer Science Graduate. He is Passionate about Nigeria and has great interests in Governance and Politics.

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