CBN Injects $210m into Forex Market

The Central Bank of Nigeria on Monday opened the Foreign Exchange Market with the injection of another $210m to sustain liquidity. The Acting Director, Corporate Communications Department, CBN, Mr. Isaac Okorafor, said the sum of $100m was offered to the wholesale segment, while the Small and Medium-scale Enterprises segment got an allocation of $55m.

The invisibles segment (that is, tuition fees, medical payments and basic travel allowance, among others) was also allocated $55m. The Acting Director noted that the releases to successful bidders which have since been concluded were part of effort aimed at further enhancing the ease of doing business in Nigeria.

Hence, beside boosting liquidity in the forex market, facilitating trade and remittances for legitimate personal commitments were also expected to improve significantly.

Okorafor enjoined authorized dealers to abide by the extant rules of the Forex market as the CBN would continue to intensify monitoring of the market.

Meanwhile, the Naira closed at N363/Dollar at the parallel market on Tuesday. It was said to have closed at 361/Dollar in the Bureau De Change segment of the market.

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