CBN deepens forex market by $462m

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The Central Bank of Nigeria (CBN) on Friday injected $462,336,426.74 into the foreign exchange market

The bank had earlier injected $194 million to the forex market on July 24.

The Acting Director in charge of Corporate Communications at CBN, Mr. Isaac Okorafor, disclosed this in a statement in Abuja.

He said the intervention was in line with the CBN desire to sustain and deepen flexibility in the foreign exchange market and further enhance foreign exchange flow in the economy.Okorafor said the bank offered the largest allocation of $267.336, 426.74 to the Secondary Market Intervention Sales (SMIS) and $100 million was offered to wholesale interventions.

He said $50 million was allocated to the Small and Medium Enterprises (SMEs), while those requiring foreign exchange for Business/Personal Travel Allowances, tuition and medical fees, among others, got $45 million.


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