The Central Bank of Nigeria (CBN) has explained why it
injected on Tuesday the sum of $210 million into the Foreign Exchange regime, saying
its to assuage customers’ requests and needs in the inter-bank foreign exchange
market, reports ITRealms.
CBN, ITRealms
gathered took this step in the bid to meet demands in various fragments of the
market had offered $100 million to authorized dealers in the wholesale, whereas
the Small and Medium Enterprises (SMEs) dealers received the sum of $55
million.
Figures made available by CBN on Teusday, June 26, 2018, showed
customers requesting foreign exchange for invisibles such as tuition fees,
medical payments and Basic Travel Allowance (BTA) to name a few, hence they were
allocated the sum of $55 million.
ITRealms recollects that CBN had last week Thursday, made
similar intervention to the tune of $210 million for requests in the wholesale forex
market.
However, ITRealms reports that Naira stability in the FOREX market is steady as it exchanges at an average of N360/$1 in the Bureau De Change (BDC) sections
of the market on Tuesday, June 26, 2018.
Ayo Midele/GEE
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