CBN injects $210m into foreign exchange market

Godwin Emefiele

CBN Governor Godwin Emefiele says it is the duty of the bank to print money and lend out to government


The Central Bank of Nigeria (CBN) on Tuesday, gave a boost of 210 million dollars to the interbank foreign exchange market.

The Acting Director, Corporate Communications, Mr Isaac Okoroafor in a statement in Abuja, said the CBN offered 100 million dollars to authorised dealers in the wholesale segment of the market.

He said also that the Small and Medium Scale Enterprises (SMEs) segment received 55 million dollars, while another 55 million dollars was apportioned to invisibles such as tuition fees, medical payments and Basic Travel Allowance (BTA).

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Okoroafor reassured the public that the Bank would continue to intervene in the interbank foreign exchange market, in line with its determination to sustain liquidity in the market and maintain stability.

He said further that the steps taken so far by the bank in the management of foreign exchange had paid off, as reflected by reductions in the country’s import bills and accretion to its foreign reserves.

Meanwhile, the Naira on Tuesday, exchanged for N361 to a dollar on the Bureau De Change segment of the market.