Nigeria: CBN injects another $180 million into Forex market to boost liquidity
Tuesday, 28 February 2017 14:41
As part of the vows to increase liquidity in the Forex market, the Central Bank of Nigeria (CBN) has injected an additional $180 million to the market to ease business transactions in the country.
“In keeping with its determination to increase liquidity in the foreign exchange market, the CBN has released another $100 million into the wholesale forwards segment of the market and pumped an additional $80 million into the banks specifically for the settlement of dollar demand for school fees, medicals and Personal Travel Allowance (PTA), among others,” Isaac Okorafor, the Acting Director of Corporate Communications Department at the CBN said.
According to him, the apex bank’s commitment to provide adequate forex for business transactions remains firm and it will do everything possible to make sure that there is a steady supply of forex to the market.
Let’s recall that last week, the bank pumped about $541 million into the market. This effort by CBN has resulted in the strengthening of the naira by N70 against the dollar in the parallel market.
Anita Fatunji
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