The inter-bank segment of the foreign exchange (forex) market has received a boost of $210 million from the Central Bank of Nigeria (CBN) following sales concluded yesterday (Tuesday).
According to figures obtained from the apex bank, authorised dealers in the wholesale segment of the market were offered $100million. Similarly, the Small and Medium Enterprises (SMEs) segment received the sum of $55 million, while customers requiring foreign exchange for invisibles such as tuition fees, medical payments and Basic Travel Allowance (BTA), among others, were also allocated $55 million.
Its Director of Corporate Communications Department, Isaac Okorafor, confirmed the transactions and disclosed that the effort of the bank has helped to reduce exchange rate pressures across all segments of the market. According to him, the stability of the exchange rate underscored the level of confidence investors and the public had in the Naira.