Published On: Wed, Feb 22nd, 2017

CBN provides forex market with $370 million

Central Bank of Nigeria, CBN

Central Bank of Nigeria, CBN

ABUJA, (CAJ News) – THE Central Bank of Nigeria (CBN) has provided more than US$370,8 million to the foreign exchange market to ease challenges encountered by Nigerians in obtaining funds for transactions.
Acting Director, Corporate Communications Department, CBN, Mr. Isaac Okorafor, said the Bank’s intermediation in the Forex market was the first wholesale intervention aimed at easing the pressure of access to forex by Nigerians who intend to meet obligations that fall under visible and invisible needs categories.
Okafor expressed optimism the wholesale intervention of the CBN would substantially ease the foreign exchange pressure on needs of customers.
He assured that the Bank would continue to make interventions based on qualified bids from the banks on the requests of their customers.
The CBN, after a meeting with Deposit Money Banks (DMBs) last Friday, issued new policy actions on forex aimed at easing access to foreign exchange for personal and business travel as well as educational and medical fees, among others.
As part of its new policy action, the apex bank also directed all banks in the country to open forex retail outlets at major airports.
CAJ News

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