CBN pumps fresh $195m into foreign exchange market

by Azeez Adeniyi

The Central Bank of Nigeria on Tuesday released fresh $195m into the foreign exchange market.

This was confirmed in a statement signed by the Acting Director of Corporate Communications Department, Isaac Okoroafor.

Okoroafor in the statement said the intervention of $195m is made up of $150m for the wholesale auction and $45m in the invisible segment for such items as medical fees, tuition fees, Personal Travel Allowance and Business Travel Allowance.

The statement reads in part,  “The Central Bank of Nigeria  on Tuesday, March 14, 2017, sustained the supply of foreign exchange to the market by concluding arrangement to release the sum of $195m comprising of $150m for the wholesale auction and $45m in the invisible segment for such items as medical fees, tuition fees, Personal Travel Allowance  and Business Travel Allowance.

He said deposit money banks were becoming saturated with foreign exchange as most of them are now able to meet demands for foreign exchange within the stipulated time frame.

“As you can see, all the pent-up demand for invisibles have been met to the extent that banks are urging customers to come and obtain forex”, he said.

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