Nigeria’s Central Bank injects $210m to sustain liquidity in forex market

CBN released $100million to authorised dealers in the wholesale segment of the market, while $55million was offered to the SMEs.

A total of $210million has been injected into the Nigerian forex market to sustain liquidity by the Central Bank of Nigeria.

According to the Nigeria’s apex bank, the injected sum into the inter-bank foreign exchange market, will make forex available for customers’ needs in various segments of the market.

A sum of $100million was offered to authorised dealers in the wholesale segment of the market, while $55million was offered to the Small and Medium-scale Enterprises segment.

In the same vein, another $55million was released to customers requiring forex for invisibles such as tuition fees, medical payments and Basic Travel Allowance, among others, were also allocated the sum of $55m.

CBN’s acting director of corporate Communications, Isaac Okorafor confirmed the figures while reassuring the public that the bank would continue to intervene in the interbank forex market in line with its desire to sustain liquidity in the market and maintain stability.

Okorafor further said that the steps taken by the apex bank in the management of forex was paying off, as reflected by reduction in the country’s import bills and accretion to its foreign exchange reserves.

In the same vein, the Naira’s stability in the forex market remains unchanged leaving the currency to exchange at an average of N362/$1 in the Bureau de Change.

As at March 9, 2018, the Central Bank of Nigeria said foreign reserves rose to $46 billion at the close of business.

JOIN OUR PULSE COMMUNITY!

Unblock notifications in browser settings.

Eyewitness? Submit your stories now via social or:

Email: eyewitness@pulse.ng

Recommended articles

Top 10 African Countries with the highest inflation rates in 2022

Top 10 African Countries with the highest inflation rates in 2022

Organ Harvesting: Ekweremadu’s arrest in UK, what we know so far

Organ Harvesting: Ekweremadu’s arrest in UK, what we know so far

10 poorest African countries as of H1 2022, based on GDP per capita

10 poorest African countries as of H1 2022, based on GDP per capita

Tonto Dikeh nominated as deputy governorship candidate of Rivers State under ADC

Tonto Dikeh nominated as deputy governorship candidate of Rivers State under ADC

Inside the most expensive school in Ghana where kindergarten costs GHc176K a year

Inside the most expensive school in Ghana where kindergarten costs GHc176K a year

When and where to watch Super Eagles of Nigeria vs São Tomé and Príncipe

When and where to watch Super Eagles of Nigeria vs São Tomé and Príncipe

Owo attack: Buhari condemns killing of worshippers in Catholic Church

Owo attack: Buhari condemns killing of worshippers in Catholic Church

BREAKING: INEC confirms Machina, denies Lawan Yobe North senatorial seat

BREAKING: INEC confirms Machina, denies Lawan Yobe North senatorial seat

Owo massacre: Amotekun arrests suspects in connection with church attack

Owo massacre: Amotekun arrests suspects in connection with church attack