CBN Boosts The Naira With $210 Million
Nigeria’s Naira got propped up on Tuesday after the Central Bank of Nigeria, CBN injected 210 million dollars to meet customers’ requests in various segments of the foreign exchange market.
The acting Director, Corporate Communications, CBN, Isaac Okorafor in a statement in Abuja said the bank offered 100 million dollars to authorised dealers in the wholesale segment of the market.
He said that the Small and Medium Enterprises, SMEs segment got 55 million dollars, while another 55 million dollars was allocated for tuition fees, medical payments and Basic Travel Allowance (BTA), among others.
Okorafor reiterated the bank’s commitment to continue to intervene in the interbank foreign exchange market, in line with its pledge to sustain liquidity in the market and maintain stability.
Also Read: Nigeria’s Dollar Reserve Is Shrinking Again
He said that the CBN would sustain its strategic management of the foreign exchange market with a view to reducing the country’s import bills and halt depletion of its foreign reserves.
The CBN had on June 5, approved an upward review of the trading margin available to operators of Bureau De Changes, BDCs in the country.
To this effect, BDC operators now buy dollars from the CBN at 357 naira per dollar and sell at 360 naira, thereby leaving them with a positive margin of 3-naira per dollar sold.
Meanwhile, the naira continued its stability, exchanging at an average of 362-naira to a dollar in the BDC segment.
Also Watch: Russia 2018: Super Eagles Complete Training | Set For Kick-Off