CBN Pumps Fresh $180m Into Forex Market

The Central Bank of Nigeria on Monday increased the liquidity in the foreign exchange market by releasing additional $180m for settlement of various transactions, ThePunch reports. 

This was confirmed by the Acting Director, Corporate Communications Department, CBN, Mr. Isaac Okoroafor.

He said while the sum of $100m was released into the wholesale forwards segment of the market, additional $80m was provided to banks specifically for the settlement of dollar demands for school fees, medicals and Personal Travel Allowance, among others.

Okoroafor stated, “In keeping with its determination to increase liquidity in the foreign exchange market, the Central Bank of Nigeria on Monday released another $100m into the wholesale forwards segment of the market and pumped an additional $80m into the banks specifically for the settlement of dollar demands for school fees, medicals and Personal Travel Allowance, among others.”

He said that the apex bank’s commitment to providing enough forex for legitimate businesses remained unshaken, noting that the bank would do everything possible to ensure the steady supply of forex to the market.

The CBN had maintained that much of the dollar demands had been a bubble created by speculators and hoarders of the greenback.