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The Central Bank of Nigeria (CBN) on Monday, opened the foreign exchange market with the injection of another $210,000,000 to sustain liquidity.
Disclosing this to news men yesterday, the Acting Director, Corporate Communications Department, CBN, Mr. Isaac Okorafor, said the sum of $100million was offered to the wholesale segment, while the Small and Medium Enterprises (SMEs) segment got an allocation of $55 million. The invisibles segment (i.e. tuition fees, medical payments and Basic Travel Allowance (BTA), among others) was also allocated $55 million.
Okorafor noted that the releases to successful bidders which have since been concluded are part of efforts at further enhancing ease of doing business in Nigeria. He said beside boosting liquidity in the forex market and facilitating trade, remittances for legitimate personal commitments are also expected to improve tremendously.
Speaking on market conduct, Mr Okorafor enjoined authorised dealers to abide by the extant rules of the forex market as CBN would continue intensify market monitoring.
Meanwhile, the naira maintained its steady rate against the United States Dollar, exchanging for N361/$1 in the BDC segment of the market on Tuesday, December 5, 2017.
