CBN strengthens market stability with $195m

The Central Bank of Nigeria (CBN) on Monday, injected 195million dollars into the inter-bank Foreign Exchange(Forex) Market.

Mr Isaac Okorafor, the Bank’s Acting Director in charge of Corporate Communications said this in a statement in Abuja.

He said the bank offered 100 million dollars to authorized dealers in the wholesale segment of the market.

He said the Small and Medium Enterprises (SMEs) segment received 50 million dollars while those requiring forex for invisible such as tuition fees, medical payments and Basic Travel Allowance (BTA), among others, received 45 million dollars.

He further said it would also strengthen the naira against other major currencies around the world.

He said the market would remain very stable as long as every player sticked to the forex guidelines.

The News Agency of Nigeria(NAN) reports that the CBN last week intervened in the various segments of the Forex market with 195 million dollars.

Meanwhile, the naira continued to maintain its stability in the FOREX market, exchanging at an average of N360 per dollar in the BDC segment of the market on Monday, Oct. 23, 2017