Naira Reacts As CBN Boosts Forex Market With $210m

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The Central Bank of Nigeria (CBN) on Tuesday, March 6, supplied the interbank foreign exchange market with $210 million.

According to figures released by the Bank, the CBN offered $100 million to authorized dealers in the wholesale segment of the market, while the Small and Medium Scale Enterprises (SMEs) segment received the sum of $55 million.

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Another sum of $55 million was apportioned to invisibles such as tuition fees, medical payments and Basic Travel Allowance (BTA)

The Acting Director, Corporate Communications Department of the CBN, Mr. Isaac Okorafor who confirmed the figures, reassured the public that the Bank would continue to intervene in the interbank foreign exchange market, in line with its determination to sustain liquidity in the market and maintain stability.

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He added that the steps taken so far by the Bank in the management of forex had paid off, as reflected by reductions in the country’s import bills and accretion to its foreign reserves.

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Meanwhile, the Naira on Tuesday, March 6, 2018 exchanged for N361/$1 on the BDC segment of the market.

In an attempt to quell currency scarcity and improve the circulation of N5, N10, N20, and N50 in the economy, the Central Bank of Nigeria (CBN) had last week commenced the disbursement of smaller naira notes to traders in the country.

Datboyjerry

Datboyjerry

I am but your herald boy in the art of the pen.. An eccentric Environmental Biologist smouldered in the glorious epiphany of online journalism. If you ever find my article unduly insipid, sue me and i’ll refund you...

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