CBN boosts forex market with $210 million

The Central Bank of Nigeria (CBN) has announced the injection of another $210 million to boost liquidity in the inter-bank foreign exchange market.

The Acting Director, Corporate Communications Department, CBN, Mr. Isaac Okorafor, who disclosed this yesterday in Abuja, said $100 million was offered to the wholesale segment, while the Small and Medium Enterprises (SMEs) segment got an allocation of $55 million.

The invisibles segment (i.e. tuition fees, medical payments and Basic Travel Allowance (BTA), among others) was also allocated $55 million. Okorafor said the releases were part of effort aimed at boosting liquidity in the forex market, facilitating trade and easing remittances for legitimate personal commitments.