CBN Raises The Naira With $250 Million Forex Supply
The ‘operation crush the dollar and raise the dollar’ is still on course.
On Monday, the Central Bank of Nigeria, CBN conducted its weekly intervention in the Inter-Bank Foreign Exchange Market to the tune of 250 million dollars.
The Acting Director, Corporate Communications Department, CBN, Isaac Okorafor, said the Apex Bank also sold 100 million dollars and uplifted the Small and Medium Enterprises (SMEs).
Other beneficiaries are the invisible segments (for tuition, travel etc) which got 85 and 65 million dollars respectively.
Okorafor said that the apex bank would pump even more dollars into the market in the coming days, noting that the move by the CBN is necessary to enhance stability in the foreign exchange market.
He reiterated that in a bid to ensure there is enough dollars and ameliorate challenges encountered by genuine business owners, the bank ensured that pressure on the market from those seeking Forex for school fees and vacations have been eased.