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CBN Nigeria administers US$210 million to foreign exchange market
Foreign exchange market recieves US$210m from CBN to ensure stability and sustain liqiudity
Central Bank of Nigeria (CBN) added US$210 million to the Inter bank Foreign Exchange Market. This move is in line to ensure availability and meet customers’ request.
Mr Isaac Okorafor, the acting Director, Corporate Communications said the wholesale division received US$100 million, while Small and Medium Enterprises (SMEs) received US$55 million.
Also, 55 million dollars for customers requiring foreign exchange for tuition fees, medical payments and Basic Travel Allowance (BTA) among others.
CBN has reassured that they will continue to help in the interbank foreign exchange market to maintain stability.
The management of forex market is successful as shown by the reduced import bills and growth of foreign reservers.
Meanwhile, the Naira continued its stability in the forex market, exchanging at an average of N360 to a dollar.