Central Bank Of Nigeria Injects $210 Million Into Foreign Exchange Market

 

Giving a breakdown of the intervention, the bank’s appearing Director, Corporate Communications, Isaac Okorafor, on Monday in Abuja stated that 100 million greenbacks was once presented to authorized sellers in the wholesale section of the market of which Small and Medium Enterprises (SMEs) phase received the sum of fifty five million dollars.

Also, clients requiring overseas alternate for tuition fees, medical payments and Basic Travel Allowance (BTA), among st others have been allotted the sum of 55 million dollars.

Mr. Okorafor said additionally that bidders who made bids in the wholesale window would receive value for the bids on Tuesday.

He reassured the public that the CBN would proceed to intervene in the interbank foreign exchange market in line with its get to the bottom of to maintain liquidity in the market and preserve stability.

According to him, the steps taken so some distance by way of the CBN in foreign exchange management had yielded many fine results, mainly as it had to do with reduction in the country’s import bills and accretion to its foreign reserves.

It will be recalled that the CBN closing Friday, intervened in the Retail Secondary Market Intervention Sales (SMIS) to the tune of 262.5 million dollars, to cater for requests in the agricultural, airlines, petroleum products and uncooked materials and equipment sectors.

Meanwhile, the naira persevered its steadiness in the FOREX market, changing at an common of N360 to a dollar in the Bureau De Change phase of the market.