Journalism of Courage

Forex: CBN gives Market $210m boost

By Ruth Olurounbi

The Central Bank of Nigeria (CBN) has made available the sum of $210 million, to meet customers’ requests in various segments of the foreign exchange market.

The CBN, in its quest to meet customers’ needs in the various segments of the market offered $100 million to authorized dealers in the wholesale segment of the market, while the Small and Medium Enterprises (SMEs) segment got boosted with the sum of $55 million.

Independence Day

According to figures obtained from the Bank on Tuesday, September 4, 2018, customers requesting 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.

It will be recalled that the Bank last Tuesday, August 28, 2018 intervened to the tune of $210 million to cater for requests in the wholesale segment of the forex market.

Meanwhile, the naira continued its stability in the FOREX market, exchanging at an average of N361/$1 in the BDC segment of the market on Tuesday, September 4, 2018.

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