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CBN Supports FX market with $210 million

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Time Nigeria

 

The Central Bank of Nigeria (CBN) has made available $210 million to meet customers’ requests in various segments of the foreign exchange market. According to figures obtained from the apex bank yesterday in its quest to meet customers’ needs in the various segments of the market, it offered $100 million to authorised dealers in the wholesale segment of the market while the Small and Medium Enterprises (SMEs) segment got $55 million.

 

Also, customers in need of foreign exchange for invisibles such as tuition fees, medical payments and Basic Travel Allowance (BTA), among others, were also allocated $55 million.

 

The CBN’s Acting Director, Corporate Communications Department (CCD), Mr. Isaac Okorafor, reiterated the bank’s commitment to continuous intervention in the inter-bank foreign exchange market in line with its pledge to sustain liquidity in the market and maintain stability.

 

Okorafor said the CBN would continue to strategically manage the forex with a view to reducing the country’s import bills and halting the depletion of its foreign reserves.

 

   

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Time Nigeria is a modern and general interest Magazine with its Headquarters in Abuja. The Magazine has a remarkable difference in editorial philosophy and goals, it adheres strictly to the ethics of Journalism by using the finest ethos of the profession to promote peace among citizens; identifying and harnessing the nation’s vast resources; celebrating achievements of government agencies, individuals, groups and corporate organizations and above all, repositioning Nigeria for the needed growth and development. Time Nigeria gives emphasis to places and issues that have not been given adequate attention by others. The Magazine is national in outlook and is currently being read and patronized both in print and on our vibrant and active online platform (www.timenigeria.com).
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