5 February 2018

Nigeria: Central Bank Injects U.S.$210 Million Into Foreign Exchange Market

Photo: This Day
Naira.

The Central Bank of Nigeria (CBN) has injected $210 million into the inter-bank Foreign Exchange Market to ensure availability and meet customers' requests in various segments of the market.

Giving a breakdown of the amount, the acting Director, Corporate Communications, Isaac Okorafor, said in Abuja on Monday that the wholesale segment of the market received $100 million, while Small and Medium Enterprises (SMEs) segment received $55 million.

Mr. Okorafor said customers requiring foreign exchange for tuition fees, medical payments and Basic Travel Allowance (BTA) among others, were also allocated $55 million.

He reassured the public that the bank would continue to intervene in the interbank foreign exchange market in line with its quest to sustain liquidity and maintain stability.

He said that the steps taken so far by the bank in the management of foreign exchange market had paid off, as reflected by reduction in the country's import bills and accretion to its foreign reserves.

Meanwhile, the Naira continued its stability in the foreign exchange market, exchanging at an average of N360 to a dollar in the Bureau de Change segment of the market.

(NAN)

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