CBN pumps $210M into Foreign Exchange Market to Lift Naira

The Central bank of Nigeria has pumped a sum of 210 million dollars to satisfy the request of customers regarding the different segment of foreign Exchange market. The CBN’s acting director; corporate communications stated in Abuja that the bank issued 100 million dollars to certified dealers in wholesale segment of the market.

He added that 55 million dollars was received by the small and medium enterprises and another 55 million was set aside for Basic travel allowance, medical payment, and tuition fees among others.

The acting director reiterated the banks’ unending involvement in the inter-bank Foreign exchange market according to its promise to maintain stability and liquidity in the market. He said further that the Central bank of Nigeria would continue its strategic management of the Forex Market with the intention of minimizing the import expenses of the country and putting a stop to the depletion of the country’s foreign reserve.

On the 5th day of June, the Central Bank sanctioned an upward review of trading margin of Bureau De Change operator in Nigeria. As a result of this, the Bureau De Change now sell dollar at N360 while they buy it from CBN at N357. This leaves them with a positive margin of N3 for every dollar sold.

Also, the Naira continues to stabilize as it exchanges at an average of N362 to one dollar in the Bureau de change market.





About OLADAYO SAKOTO