October 23, 2017

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CBN floods forex market with fresh $195m

CBN floods forex market with fresh $195m
The Central Bank of Nigeria on Tuesday released fresh $195m into the foreign exchange market as part of its wholesale intervention to ensure liquidity in that segment of the market.
The release was confirmed by a statement signed by the Acting Director of Corporate Communications Department, Mr 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.”
Okorafor, said that the apex bank acted promptly and proactively in line with its promise to keep the market liquid enough to meet the needs of genuine requests. Read more 
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