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Tuesday, October 24, 2017

CBN infuses $195 into Forex

The apex financial regulator, Central Bank ofNigeria (CBN), has infused the sum of $195 million, about N70,395,000,000 trillion, into the inter-bank Foreign Exchange Market, reports ITRealms.

CBN on Monday, said its offering $100 million to authorized dealers in the wholesale sector of the market; the Small and Medium Enterprises (SMEs) sector got the sum of $50 million. Those requiring foreign exchange for invisibles such as tuition fees, medical payments and Basic Travel Allowance, BTA, among others, were allocated the sum of $45 million.

Confirming this, the acting director, Corporate Communications, Mr. Isaac Okorafor, expressed confident that the level of transparency CBN has entrenched in the market, stressing it would help the Naira to sustain its steady run against the dollar and other major currencies around the world.

“The market will remain very stable as long as every player sticks to the forex guidelines,” he said.


ITRealms recollects that the CBN last week also intervened in the various sectors of the Forex market with the sum of $195 million.

Ayo Midele/GEE
ITREALMS ... everything news digitally!

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