BY CHINYERE OBIORA, LAGOS – Determined to meet growing requests in four sectors of the economy, the Central Bank of Nigeria (CBN) on Friday, October 27, 2017, injected a total of $285,759,449.10 into the Inter-Bank Foreign Exchange Market.
According to details obtained from the apex bank, the four sectors that got various sums of allocation forex allocation based on requests by their respective banks are agricultural, airlines, petroleum and raw materials.
Acting Director, CBN’s Corporate Communications Department, Isaac Okorafor, who confirmed the figures, said the releases underlined the high levels of transparency of the apex Bank in Foreign Exchange Management.
He stated that CBN would not renege in playing its role to ease the foreign exchange pressure on manufacturing and agricultural sectors through sales under the new flexible Foreign Exchange regime.
Okorafor said that the apex bank has consistently injected funds into in the interbank foreign exchange market to ensure liquidity, thereby easing pressure on the local tender currency.
Meanwhile, the FOREX market has seen the Naira maintaining its stability, exchanging at an average of N360/$1 in the BDC segment of the market as at Friday, October 27, 2017.
