Friday, October 16, 2020
Home Economy Central bank Injects $210 million into forex market

Central bank Injects $210 million into forex market

The Central Bank of Nigeria (CBN) has injected 210 million U.S. dollars into interbank segment of the Foreign Exchange Market following sales concluded on Tuesday.

The bank’s Director, Corporate Communications Department, Mr Isaac Okorafor, made this known in a statement in Abuja on Tuesday.

Okorafor explained that the figures released by the CBN indicated that authorised dealers in the wholesale segment of the market were offered 100 million dollars while the Small and Medium Enterprises (SMEs) segment received 55 million dollars.

He said that another 55 million dollars was allocated to customers requiring foreign exchange for invisibles such as tuition fees, medical payments and Basic Travel Allowance (BTA), among others.

The director reaffirmed the bank’s commitment towards ensuring stability in foreign exchange market.

Newsmen report that CBN had on Friday, Sept. 6, injected 321.11 million U.S. dollars and CNY33.3 million into the Retail Secondary Market Intervention Sales (SMIS) segment.

Meanwhile, N357 exchanged for a dollar at the Bureau De Change (BDC) segment of the market on Tuesday.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

FOLLOW US:

6,985FansLike
1,458FollowersFollow
553SubscribersSubscribe

Most Popular

NYIF: You can now register for FG’s N75bn youth investment fund

The federal government says it has opened the portal for Nigerians to apply for its N75 billion youth investment fund.

#EndSARS: Reps summon IG of Police

An ad hoc committee set up by the House of Representatives on the ongoing nationwide protests against the now-disbanded Special Anti-Robbery Squad...

FCT bans #EndSARS protest in Abuja

Minister of the Federal Capital Territory, FCT, Muhammad Musa Bello, has banned all forms of street protests in the capital city of...

NIMC: National Identity Number to be made compulsory soon – Pantami

The Federal Government, through the Ministry of Communications and Digital Economy, has revealed that the National Identity Number (NIN) will soon be...