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CBN injects $210m into foreign exchange market

- Two hundred and ten million dollars has been injected into various segments of the market by the Central Bank of Nigeria

- The apex bank injected the fund into the market to sustain its intervention in the Inter-Bank Foreign Exchange Market

- Hundred million dollars was allocated as wholesale interventions, while $55 million was offered to small and medium enterprises

According to CBN, another $55 million was allocated to customers requiring foreign exchange for business and personal travels, tuition or medical fees

The Central Bank of Nigeria (CBN) has injected $210 million into the various segments of the market to sustain its intervention in the Inter-Bank Foreign Exchange Market.

Isaac Okorafor, CBN director, Corporate Communications, made this known in a statement in Abuja on Tuesday, February 19, News Agency of Nigeria (NAN) reports.

Legit.ng gathers that Okorafor said the apex bank offered $100 million as wholesale interventions and allocated $55 million to Small and Medium Enterprises (SMEs).

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He said that another 55 million dollars was allocated to customers requiring foreign exchange for business and personal travels, tuition or medical fees.

The director explained that the Tuesday’s interventions were in continuation of the bank’s resolve to sustain the high level of stability in the foreign exchange market.

According to him, it is also to continue to ease access to the currency by customers in different sectors.

Okorafor said the CBN was optimistic that the naira would sustain its run against the dollar and other major currencies around the world, considering the level of transparency in the market.

Meanwhile, Legit.ng previously reported that the Central Bank of Nigeria cautioned the Nigerian government against continuous external borrowing.

The CBN warned that the increase in Nigeria's debt was fast approaching the pre-2015 Paris Club level.

Speaking at the end of the CBN's bi-monthly meeting on Tuesday, January 22, the governor of the apex bank, Godwin Emefiele, said the monetary policy committee of the CBN was established with a view to help reduce pressure on government expenditure.

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Emefiele said: “On external borrowing, the committee noted the increase in debt level advising for caution, noting that it could fast be approaching the pre-2005 Paris Club level.

“The committee also noted the attempts by the government to broaden the base of the Value Added Tax and urge the authorities to expedite action in that effect, arguing that increased tax collection will reduce pressure on government expenditure and create fiscal buffers to improve macroeconomic management."

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Source: Legit.ng



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