Central Bank of Nigeria releases $195 million to sustain supply of foreign exchange.
The Central Bank of Nigeria, CBN has released about $195 million in its continued effort to sustain the supply of foreign exchange to the market.
The CBN spokesperson, Isaac Okorafor, who disclosed this yesterday, said that the bank acted promptly and proactively in line with its promise to keep the market liquid enough to meet the needs of genuine requests.
The latest release comprised of $150 million for the wholesale auction and $45 million in the invisible segment for such items as medical fees, tuition fees, Personal Travel Allowance (PTA) and Business Travel Allowance (BTA).
The spokesperson also alluded to the fact that 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.
Mr. Okorafor, who reiterated the bank’s determination to continue to fund the importation of raw materials as well as plant and machinery for manufacturing, agriculture, and other eligible items, assured that the bank remained resolute in ensuring stability in the forex market.
Total intervention by the apex Bank in the market so far is above $1.3 billion.