Apex bank boosts foreign exchange market with $210m

Apex bank boosts foreign exchange market with $210m


The inter-bank Foreign Exchange Market has received 210 million dollars from the Central Bank of Nigeria to meet customers’ requests in various segments of the market.

The CBN acting Director, Corporate Communications, Mr Isaac Okorafor, said 100 million dollars was sold to authorised dealers in the wholesale segment of the market.

According to him, the Small and Medium Enterprises segment got 55 million dollars, while another 55 million dollars was allocated for customers who needed foreign exchange for tuition fees, medical payments and Basic Travel Allowance, among others.

Okorafor however assured Nigerians that the apex bank would continue to intervene in the interbank foreign exchange market, in line with its pledge to sustain liquidity in the market and maintain stability.

He said the CBN would not renege on its promise to manage the foreign exchange market with a view to reducing the country’s import bills and halting depletion of its foreign reserves.

Last week, the CBN intervened in the foreign exchange market to the tune of 325.64 million dollars to cater for requests in the airlines, agriculture, petroleum products and raw materials and machinery sectors.

He also reiterated that the desire of the Bank to ensure that all, particularly low end users, had access to foreign exchange to meet genuine needs prompted the Bankers’ Committee, in its first meeting of 2018, to agree to sell United States dollars to those requiring it for invisibles at the rate of N360/$1, without any commission whatsoever.

Meanwhile, the Naira continued its stability in the market, exchanging at an average of N361 to dollar in the Bureau de Change segment.