CBN sustains foreign exchange market liquidity with $210m

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Abuja – The Central Bank of Nigeria (CBN), on Monday injected 210 million dollars into the inter-bank Foreign Exchange Market, in its bid to sustain liquidity in the foreign exchange market. The seized money.

The Acting Director, Corporate Communications Department, CBN, Mr Isaac Okoroafor in a statement said that the move would ensure the continuous availability of foreign exchange to customers.

Giving a breakdown, Okoroafor said that the bank offered 100 million dollars to authorised dealers in the wholesale segment of the market, while the Small and Medium Enterprises segment received 55 million dollars.

He said also that customers requiring foreign exchange for invisibles such as tuition fees, medical payments and Basic Travel Allowance (BTA), among others, were also allocated 55 million dollars.

Okoroafor reassured the public that the bank would continue to intervene in the interbank foreign exchange market in line with its desire to sustain liquidity in the market and maintain stability.

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

It will be recalled that the CBN had recently injected 210 million dollars into the Wholesale segment of the foreign exchange market.

Meanwhile, the naira continued its stability in the foreign exchange market, exchanging at an average of N360 to a dollar in the Bureau de Change segment of the market. (NAN)

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Godwin Okafor is a financial journalist, Internet Social Entrepreneur and the Founder Naija247news Media Ltd He has over 16 experiences in journalism, which cuts across traditional and digital media. He started his journalism career in Business Day, Where he was a senior editorial graphic artist, before he left to start Naija247news, An Online Financial Newspaper in 2010. He has won series of awards and he is the chairman of Emmerich Resources Limited, the publisher of Naija247news.com and also sits on the board of Students In Business Awards, (SIBA).

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