Just in: CBN injects $210 million into Forex market

Just in: CBN injects $210 million into Forex market

- The sum of $210 million has been injected into the foreign exchange market

- The injection of the fund was confirmed by the Central Bank of Nigeria

- According to the CBN, the new intervention will cater for requests in the wholesale segment of the Forex market

Central Bank of Nigeria (CBN) has injected $210 million into the foreign exchange market (Forex) to meet customers’ requests in various segments, Isaac Okorafor, acting director, corporate communications says.

In a statement on Tuesday, June 26, in Abuja, he said $100 million was allotted to authorised dealers in the wholesale segment of the market, while the Small and Medium Enterprises (SMEs) segment got $55 million.

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Okorafor notes that according to the bank’s figures, customers requesting foreign exchange for invisibles such as tuition fees, medical payments and Basic Travel Allowance (BTA), among others, are also allocated $55 million.

He recalled that the bank, on Thursday, intervened with 210 million dollars to cater for requests in the wholesale segment of the Forex market.

Meanwhile, the Naira continued its stability in the foreign exchange market, exchanging at an average of N360 per dollar in the Bureau De Change (BDC) segment of the market.

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NAIJ.com previously reported that the CBN had introduced a new forex rate for banks.

The apex bank ordered all deposit money banks to immediately commence the sale of foreign exchange to their customers at not more than N360 to the dollar. It also directed banks to post the new rates in their banking halls of their branches immediately.

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Source: Naija.ng

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