Tuesday, 18 July 2017

CBN pumps in $195m to Boost the Naira

Reports have it that CBN has pumped forex into the market in a bid to strengthen the Naira. The bank pumped in $195 million yesterday to stabilise the inter-bank Foreign Exchange Market.

According to CBN spokesman Isaac Okorafor , $100 million was offered through the wholesale segment.

Small and Medium Enterprises (SMEs) segment received $50 million. Tuition fees, medical payments and Basic Travel Allowance (BTA), among others, got $45 million.

The exchange rate is currently N364 to a dollar in the Bureau de Change segment of the market.

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