By Abdul Alli
The Central Bank of Nigeria (CBN) recently injected another $210 million dollar into the Foreign Exchange (FX) market in its continuous effort at stabilising economy and boosts the inter-bank foreign exchange, the bank’s acting Director, Corporate Communications, Mr Isaac Okorafor, said.
Okorafor said in a statement that the apex bank offered 100 million dollars to authorised dealers in the wholesale segment of the market, adding that the Small and Medium Scale Enterprises (SMEs) segment received 55 million dollars, while 55 million dollars was apportioned to invisibles such as tuition fees, medical payments and Basic Travel Allowance.
Okorafor reiterated CBN’s capacity to continue to sustain the foreign exchange intervention, urging authorised dealers to help to sustain the confidence in the foreign exchange market by continuing to honour requests from customers with genuine needs.
CBN last week intervened in the foreign exchange market to the tune of 559.34 million dollars.
Meanwhile, the Naira had continued to maintain stability in the market, exchanging at an average of N362 to a dollar in the Bureau De Change segment of the market.