The Central Bank of Nigeria  Sells $210m to Boost Supply


Enterprise Television-The Central Bank of Nigeria  Sells $210m to Boost Supply

The Central Bank of Nigeria (CBN) yesterday sold $210million, to meet customers’ requests in various segments of the foreign exchange market. The apex bank offered $100 million to authorized dealers in the wholesale segment of the market, while the Small and Medium Enterprises (SMEs) segment got the sum of $55 million.

According to figures obtained from the CBN, customers in need of foreign exchange for invisibles such as tuition fees, medical payments and Basic Travel Allowance (BTA), among others, were also allocated the sum of $55 million.

The apex bank acting director, Corporate Communications Department (CCD), Mr. Isaac Okorafor, reiterated the CBNs commitment to continuous intervention in the interbank 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 countrys import bills and halting depletion of its foreign reserves.

It will be recalled that last Monday, February 12, 2018, the CBN had intervened to the tune of $210 million to cater for requests in the various segments of the forex market. Meanwhile, the naira continued its stability in the FOREX market, exchanging at an average of N360 to the dollar in the BDC segment of the market on Monday, February 19, 2018. At the parallel market the rate also remained stable at N363 to the dollar.

Source- Leadership