The Nigerian Online Newspaper

Forex: CBN lifts market with $210m

The Central Bank of Nigeria on Tuesday opened the foreign exchange market with the injection of another $210 million to sustain liquidity.
The Acting Director, Corporate Communications Department, CBN, Isaac Okorafor in a statement said $100 million was offered to the wholesale segment, while the Small and Medium Enterprises segment got an allocation of $55 million.
Okorafor said that the invisibles segment such as tuition fees, medical payments and Basic Travel Allowance were also allocated 55 million dollars.
Okorafor said the releases were part of efforts aimed at further enhancing ease of doing business in Nigeria.
On market conduct, Okorafor enjoined authorised dealers to abide by the extant rules of the Forex market as CBN would continue to intensify monitoring of the market.
Meanwhile, the naira is losing its steady stand against major currencies.
It is currently exchanging at N363 to a Dollar, N480 against the Pound Sterling and N425 against the Euro in the BDC segment of the market.