Central Bank of Nigeria releases $195 million to sustain supply of foreign exchange.
The
Central Bank of Nigeria, CBN has released about $195 million in its continued
effort to sustain the supply of foreign exchange to the market.
The CBN spokesperson,
Isaac Okorafor, who disclosed this yesterday, 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.
The latest release
comprised of $150 million for the wholesale auction and $45 million in the
invisible segment for such items as medical fees, tuition fees, Personal Travel
Allowance (PTA) and Business Travel Allowance (BTA).
The spokesperson also
alluded to the fact that deposit money banks were becoming saturated with
foreign exchange as most of them are now able to meet demands for foreign
exchange within the stipulated time frame.
Mr. Okorafor, who reiterated
the bank’s determination to continue to fund the importation of raw materials as
well as plant and machinery for manufacturing, agriculture, and other eligible
items, assured that the bank remained resolute in ensuring stability in the
forex market.
Total intervention by
the apex Bank in the market so far is above $1.3 billion.
Comments
Post a Comment