CBN strengthens forex market with $195 million

Central Bank of Nigeria

The Central Bank of Nigeria (CBN) has strengthened the foreign exchange (forex) market with $195 million in continuation of efforts to boost liquidity in the country.

According to a statement yesterday in Abuja by the Acting Director, Corporate Communications Department of the Central Bank of Nigeria (CBN), Isaac Okorafor, $100 million went to the wholesale segment, while the Small and Medium Enterprises (SMEs) sub-sector got $50 million. The invisibles segment, comprising tuition fees, medical payments and basic travel allowance (BTA) among others, received $45 million.

The spokesman said the apex bank was pleased with the state of the market, as it pledged continued interventions to sustain its liquidity and guarantee the international value of the Naira as well as enhance accessibility and affordability for genuine end users.


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