CBN Supplies $285.7 Million To Four Sectors
The Central Bank of Nigeria, CBN said it has injected $285.7 million into the interbank foreign exchange market on Friday.
This is an extension of efforts to make sure there is enough dollar supply in the market and alleviate shortages that has long plagued growth.
According to CBN, the four industries targeted are agriculture, airlines, petroleum and raw materials.
“The central bank will continue to play its role in easing the foreign exchange pressure on manufacturing and agricultural sectors” through dollar sales, said the statement.
On Monday this week, the apex bank injected 195 million dollars into the inter-bank Foreign Exchange Market to ensure adequate supply of the green back.
The apex bank's Acting Director in charge of Corporate Communications, Mr Isaac Okorafor, said the bank offered 100 million dollars to authorized dealers in the wholesale segment of the market.
The Small and Medium Enterprises (SMEs) segment, on the other hand, received 50 million dollars while those requiring forex for invisibles such as tuition fees, medical payments and Basic Travel Allowance (BTA), among others, received 45 million dollars.
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