Economy

CBN injects $210m into Forex market

The Central Bank of Nigeria has added 210 million dollars into the inter-bank Foreign Exchange Market as the last Monetary Policy Committee (MPC) starts in Abuja

The Acting Director CBN, Corporate Communications, Isaac Okorafor in a statement issued in Abuja, said the interventions were in the Wholesale, Small and Medium Enterprises (SMEs) and invisibles windows.

He said the bank offered the 100 million dollars to the wholesale segment, while the SMEs segment received the sum of 55 million dollars.

Okorafor also said that the invisibles segment, comprising tuition fees, medical payments and Basic Travel Allowance (BTA), among others also received an allocation of 55 million dollars.

According to him, the releases are aimed at boosting liquidity, trade and ease of remittances for legitimate personal commitments.

He said the bank was quite pleased with the rate of N360 to a dollar, noting that the continued intervention by the CBN in the inter-bank forex market had largely checked unwholesome activities of currency speculators.

He, however, stressed that the CBN would not relent in its monitoring of the market in order to ensure that authorised dealers abide by the extant rules.

CBN had in its last intervention injected 195 million dollars into the inter-bank Foreign Exchange Market.

 

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