CBN Boosts Dollar Supply With $210 Million Intervention
The Central Bank of Nigeria, CBN seems prepared for the year.
Barely 10 days into the new year, the apex bank has intervened twice in the foreign exchange market.
The first was on Friday last week when it plugged into the inter-bank segment of the foreign exchange market with a total sum of 210 million dollars.
The second intervention was on Tuesday, when the bank said it had injected fresh $210 million into the interbank foreign exchange market.
The CBN said it wants to ensure that there is enough dollar supply in the market and alleviate dollar shortages.
The bank said in a statement it had released $100 million for the wholesale market, $55 million for small businesses and individuals, and $55 million for certain dollar expenses such as school fees and medical bills.
A breakdown of the figures obtained from the CBN for Friday's intervention showed that customers in the wholesale sector of the market received the sum of $100 million, while the Small and Medium Enterprises and invisibles sectors each got $55 million to meet the needs of customers.
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