The Central Bank of Nigeria (CBN) Monday boosted the inter-bank foreign exchange market with the sum of $210 million to meet customers’ requests in various segments of the market.
In its quest to meet the customers’ needs in the sundry segments of the market, the CBN offered $100 million to authorised dealers in the wholesale segment of the market, while the small and medium enterprises (SMEs) segment got the sum of $55 million, according to figures obtained from the regulator.
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.
Isaac Okorafor, CBN acting director, corporate communications department (CCD), 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.
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According to him, the CBN would continue to manage the forex with a view to reducing the country’s import bills and minimize depletion of foreign reserves.
The CBN had intervened in the retail secondary market intervention sales (SMIS) segment with the tune of $210 million, to cater for requests in the airlines, agricultural, petroleum products and raw materials and machinery sectors.