The Central Bank of Nigeria (CBN) on Tuesday said it injected $210million into the inter-bank foreign exchange market to ensure availability of foreign exchange.
The intervention is also to help meet customers’ requests in various segments of the market, the CBN spokesperson, Isaac Okorafor said.
In a statement sent to PREMIUM TIMES on Tuesday, Mr Okorafor said at the close of trading, the CBN offered $100 million to authorised dealers in the wholesale segment of the market.
He said another $55 million as also made available to the Small and Medium Enterprises (SMEs) segment.
Customers requiring foreign exchange for invisibles such as tuition fees, medical payments and Basic Travel Allowance (BTA), among others, were also allocated another $55 million.
Mr Okorafor reassured the public that the bank would continue to intervene in the interbank foreign exchange market in line with its quest to sustain liquidity in the market and maintain stability.
He said the steps taken so far by the bank in the management of foreign exchange had paid off, as reflected by reduction in the country’s import bills and accretion to its foreign reserves.
Meanwhile, the naira exchange rate remained stable in the foreign exchange market, exchanging at an average of N360/$1 in the BDC segment of the market on Tuesday.
