Uche Usim, Abuja

To keep the inter-bank foreign exchange (forex) market strong and liquid, the Central Bank of Nigeria (CBN) yesterday disclosed it has disbursed $210 million to the sector to meet customers’ requests in various segments.  

A breakdown shows the apex bank offered $100 million to authorised dealers in the wholesale segment of the market, while the Small and Medium Enterprises (SMEs) segment got $55 million, according to figures obtained from the bank on Monday.  

The figures also indicated that customers needing forex for invisibles such as tuition fees, medical payments and Basic Travel Allowance (BTA), among others, were also allocated the sum of $55 million.

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Mr. Isaac Okorafor, the bank’s 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 and maintain stability. According to Okorafor, CBN will continue to manage the forex with a view to reducing the country’s import bills and minimising depletion of foreign reserves.

Recall that in the past week, CBN intervened in the Retail Secondary Market Intervention Sales (SMIS) to the tune of $210 million, to cater for requests in the airlines, agricultural, petroleum products and raw materials and machinery sectors.

Meanwhile, the naira continued its stability in the forex market, exchanging at an average of N361/$1 in the BDC segment of the market on Monday.