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CBN Supplies $210Mn Into Forex Market

The Central Bank of Nigeria (CBN) on Tuesday supplied the sum of $210 million to the Inter-bank segment of the foreign exchange (Forex) market as part of its sustained interventions to meet customers’ demands.

A breakdown of the distributions into the various segments of the market showed that  the authorized dealers in the wholesale segment got $100 million, while the Small and Medium Enterprises (SMEs) segment received $55 million.

Also, figures obtained from the bank indicated that customers requiring Forex for invisible transactions such as tuition fees, medical payments and Basic Travel Allowance, BTA, among others, were also allocated the sum of $55 million.

The apex bank had on Thursday, June 20, 2018 intervened to the tune of $210 million to cater for requests in the wholesale segment of the forex market.

At the close of the day’s trading, the Naira exchanged at an average of N360/$1 in the BDC segment of the market, thereby sustaining its exchange rate stability against foreign currencies.

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