Nigeria’s apex bank said it has injected a whopping 195 million U.S. dollars into the Foreign Exchange market to meet various demands of customers in different segments of the market.
In a statement on Tuesday, the Central Bank of Nigeria said it on Monday allocated 100 million dollars to authorized dealers through the interbank wholesale window, offered 50 million dollars to Small and Medium Enterprises (SMEs) window, and another 45 million dollars to meet the needs of those who applied for foreign exchange to settle business or personal travel allowances, school tuition and medicals.
Ostensibly, the apex bank’s relentless move was done to achieve convergence of rates between the interbank and Bureau de Change segments of the Nigerian foreign exchange market.
Last week, a total of 831.5 million dollars was injected into the Interbank market by the apex bank.
The Nigerian local currency, Naira, had made tremendous gain against the dollar in recent times, prompting even greater optimism that the value of the naira would continue to spike.
The Nigerian apex bank had injected up to 2.2 billion dollars to the investors and exporters segment of the forex market since February. Enditem
Source: Xinhua/NewsGhana.com.gh
