Categories: Economy

Forex: CBN Intervenes with Fresh $210m

In another round of intervention, the Central Bank of Nigeria (CBN) yesterday injected the sum of $210 million into the interbank foreign exchange market to ensure the availability of forex and also meet customers’ requests in various segments of the market.

A statement revealed that at the auction, the central bank offered $100 million to authorised dealers in the wholesale segment of the market, while the small and medium scale enterprises (SMEs) segment received the sum of $55 million. Customers requiring 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 bank’s Acting Director, Corporate Communications Department (CCD), Mr. Isaac Okorafor, confirmed the figures and reiterated that the central bank would continue to intervene in the interbank foreign exchange market in line with its quest to sustain liquidity in the market and maintain stability.

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

But the naira traded at about N360 to a dollar on the BDC segment of the market yesterday.

Recent Posts

Harsh Economy: Nigerians React As President Tinubu Spotted With Over 60-Vehicle Convoy In Lagos

In a video making waves on social media platforms, Nigerians have reacted with mixed feelings…

12 hours ago

Man Arrested For Insulting President Tinubu, Sanwo-Olu, IGP

A popular Nigerian TikToker identified simply as Seaking has been arrested by operatives of the…

17 hours ago

The Longest Prison Sentences Ever Served

Throughout history, some individuals have endured extraordinarily long prison sentences, with their stories reflecting the…

18 hours ago

Families Call For Help As DSS Arrests Lovers In Osun Community

There is growing tension in Modakeke, Osun State, following the alleged arrest of two lovers,…

22 hours ago

Ibadan Stampede: I Regret Not Heeding Spiritual Warning – Woman Who Lost Two Kids

A victim of the stampede that occurred in Ibadan, Oyo State capital, which has claimed…

22 hours ago

Trending Stories In Osun Today

The vibrant Osun State is no stranger to captivating events and headlines that draw attention…

23 hours ago

This website uses cookies.