The Central Bank of Nigeria (CBN), says authorised dealers received $100 million from the bank on Tuesday as part of its intervention in the wholesale segment of the inter-bank foreign exchange market.
Isaac Okorafor, the Director, Corporate Communications, made this known in a statement in Abuja.
According to him, the intervention is to enable the market to meet the requests of its customers.
He said the CBN also allocated $55 million each to the Small and Medium Enterprises (SMEs) and the invisibles segments, comprising requests for tuition fees, medical payments and Basic Travel Allowance (BTA), among others.
Mr Okorafor said the CBN would continue to intervene in the country’s interbank foreign exchange market, adding that the Bank’s management remained committed to ensuring stability in the market through liquidity.
The statement recalled that the Bank had made interventions totaling more than $547 million in October in the wholesale and retail Secondary Market Sales (SMIS).
Mr Okorafor also said the Naira, on Tuesday, exchanged at an average of N362 to one dollar in the Bureau De Change (BDC) segment of the market.
(NAN)
Support PREMIUM TIMES' journalism of integrity and credibility
Good journalism costs a lot of money. Yet only good journalism can ensure the possibility of a good society, an accountable democracy, and a transparent government.
For continued free access to the best investigative journalism in the country we ask you to consider making a modest support to this noble endeavour.
By contributing to PREMIUM TIMES, you are helping to sustain a journalism of relevance and ensuring it remains free and available to all.
TEXT AD: To advertise here . Call Willie +2347088095401...
![Zainab Shamsuna Ahmed, Minister of Finance at #NES26 [PHOTO: @officialNESG]](https://i2.wp.com/media.premiumtimesng.com/wp-content/files/2020/11/EnqldJFXcAUEH5d.jpg?resize=120%2C86&ssl=1)
Discussion about this post