CBN injects $210m into forex market

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The Central Bank of Nigeria (CBN) yesterday injected $210 million into the foreign exchange market to sustain its liquidity.

CBN Acting Director, Corporate Communications Department,  Isaac Okorafor said $100 million was offered to the wholesale segment, while the Small and Medium Enterprises (SMEs) segment got  $55 million. The invisibles segment comprising of tuition fees, medical payments and Basic Travel Allowance (BTA), among others was also allocated $55 million.

He said the releases to successful bidders, which have since been concluded, are part of effort aimed at further enhancing ease of doing business in Nigeria. He explained that beside boosting liquidity in the forex market, facilitating trade and remittances for legitimate personal commitments are also expected to improve tremendously.

Speaking on market conduct, Okorafor urged authorised dealers to abide by the extant rules of the forex market as CBN would continue intensify monitoring of the market.

He said the naira maintained its steady rate against the United States dollar, exchanging for N361/$1 in the bureau de change segment of the market.

Meanwhile, Okorafor has also urged Nigerians to take advantage of the various development initiatives of the CBN in agriculture and small and medium enterprises to curb youth restiveness.

He spoke at the CBN sensitization programme in Port-Harcourt, Rivers State.

He said the CBN fair is an interactive forum aimed at explaining policies, programmes and initiatives of the bank as well as providing means of getting redress on issues in which the public felt short-changed in dealing with deposit money banks and the activities of the CBN.

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