CBN Boosts Forex Supply With $195m

The Central Bank of Nigeria (CBN) on Tuesday sustained the supply of foreign exchange to the market by releasing 195 million dollars.

The CBN acting Director, Corporate Communications, Mr Isaac Okorafor, who gave a breakdown of the release, said of the amount 150 million dollars was released through wholesale auction.

He said that the remaining 45 million dollars was for medicals, tuition, Personal and Business Travel Allowance.

Okorafor said that the Bank acted promptly and proactively in line with its promise to keep the market liquid enough to meet the needs of genuine requests.

He said that banks were becoming saturated with foreign exchange, as most of them were now able to meet demands for foreign exchange within the stipulated time frame.

It will be recalled that the CBN had in the past two weeks pumped over 1.2 billion dollars into the foreign exchange market to stem liquidity challenges faced by businesses and individuals.

Last week, the regulator pumped 170 million dollars into the foreign exchange market, as foreign reserves hit 30 billion dollars