The Bank of Nigeria (CBN) has released the sum of $210 million to meet customers’ requests in various segments of the foreign exchange market.
The apex bank offered $100million to authorised dealers in the wholesale segment of the market, while the Small and Medium Enterprises (SMEs) segment got the sum of $55million.
According to figures obtained from the Bank on Tuesday, customers needing foreign exchange for invisible such as tuition fees, medical payments and Basic Travel Allowance (BTA), among others, were also allocated the sum of $55 million.
The bank, last week, approved an upward review of the trading margin available to operators of Bureau De Change (BDC), allowing BDC operators to buy the United States dollar from the CBN at the rate of N357/$1 and sell at N360, giving them a profit margin of N3.00 per dollar sold.
Meanwhile, the Acting Director, Corporate Communications Department (CCD), Mr. Isaac Okorafor, reiterated the bank’s commitment to continue to intervene in the interbank foreign exchange market, in line with its pledge to sustain liquidity in the market and maintain stability.
Okorafor assured that the CBN would sustain its strategic management of forex, with a view to reducing the country’s import bills and halting the depletion of its foreign reserves.
The bank, last Monday, intervened to the tune of $210 million to cater for requests in the wholesale segment of the market.
Meanwhile, the naira continued its stability, exchanging at an average of N362/$1 in the BDC segment on Tuesday.
