Published On: Tue, May 16th, 2017

CBN Boosts Forex Market with $457.3m

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The Central Bank of Nigeria CBN, has injected a total of 457.3 million dollars into the various segment of the foreign exchange market on Monday to encourage stability and flow in the market.
The injection which is the highest since mid-February, follows the lull that was experienced in the system last week.
The CBN spokesman, Mr. Isaac Okorafor in a statement in Abuja, said the breakdown of the intervention showed that a total of 267.3 million dollars was disbursed to the spot and forwards segments, while 100 million dollars was sold at the wholesale segment.
Mr. Isaac said the Small and Medium Enterprises SME as well as the invisible sections which comprise basic travel allowances, tuition and medical, received 50 million dollars, respectively.
Meanwhile, the volume of transaction on the investors and exporters foreign exchange window in the past three weeks stands at 600 million dollars.
Okorafor submitted that the volume of activities being recorded in the Investors and Exporters forex segment was indicative of the fact that investors were attracted to the Nigerian financial market and the economy in general.



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