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Tuesday, July 4, 2017

Dollar Drops As CBN Pumps Additional $195m - See New Exchange Rate

The Central Bank of Nigeria (CBN), in continuation of its drive to ensure liquidity and stability in the foreign exchange (Forex) market, has injected the 195 million dollars into various segments of the inter-bank foreign exchange market.

A survey of markets in the Bureau de Change segment (BDCs) in Abuja, showed that the Naira exchanged at an average of N360 to a dollar in the BDC segment of the market.

The acting Director, Corporate Communications, Mr Isaac Okorafor in a statement on Monday in Abuja said that 100 million dollars was offered to authorized dealers in the wholesale window. Similarly the Small and Medium Enterprises (SMEs) window was allocated the sum of 50 million dollars.

Also, those seeking forex for the purpose of business and personal travel, tuition and medical bills, among other invisibles, received the sum of 45 million dollars.

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