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HomeBankingCBN injects another $210m into forex market

CBN injects another $210m into forex market

The Central Bank of Nigeria (CBN) yesterday, injected $210 million into the inter-bank foreign exchange market to meet customers’ requests in various segments of the market. The apex bank according to a statement, offered $100million to authorized dealers in the wholesale segment of the market, while the Small and Medium Enterprises (SMEs) segment got the sum of $55 million.

The figures also indicated that customers needing 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.

CBN’s Acting Director, Corporate Communications Department, Mr. Isaac Okorafor, reiterated the Bank’s determination to continue to intervene in the interbank foreign exchange market, in line with its pledge to sustain liquidity in the market and maintain stability. According to Mr. Okorafor, the CBN will continue to manage the forex market with a view to reducing the country’s import bills and minimize depletion of foreign reserves.

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It will be recalled that in the past week, the CBN intervened in the Retail Secondary Market Intervention Sales (SMIS) to the tune of $210 million, to cater for requests in the airlines, agricultural, petroleum products and raw materials and machinery sectors.

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