CBN Releases $250mn into Forex Market

The Central Bank of Nigeria, CBN, has again intervened in the Inter-Bank Foreign Exchange Market to the tune of 250 million dollars.

The Acting Director, Corporate Communications Department, CBN, Isaac Okorafor, said the apex bank also sold $100 million and uplifted the Small and Medium Enterprises and invisible segments, with $85 million and $65 million respectively.

Mr. Okorafor said that the apex bank would pump even more liquidity into the market in the coming days, noting that the move by the CBN was necessary to enhance stability in the foreign exchange market.

He reiterated that in a bid to improve liquidity and ameliorate challenges encountered by critical stakeholders at this time of the year, the bank had ensured that pressures on the market from those seeking Forex for school fees and vacations were eased.

He said further that the bank had kept faith with its resolve to ensure that there is sustained liquidity to meet genuine requests for foreign exchange.

(NAN)