CBN Allocates $55m for Business, Personal Travels for Customers in Forex Market

Nigerians requiring foreign exchange for Business and Personal Travel Allowances, tuition, medical fees and others can access from a 55 million dollars allocation injected into the segment of the economy by the Central Bank of Nigeria (CBN) on Monday.

Reports say that the amount is part of 210 million dollars pumped into various segments of the foreign exchange market by the apex bank.

A breakdown of the amount, released by the CBN acting Director, Corporate Communications Department, Mr Isaac Okorafor in a statement in Abuja, showed that the bank offered 100 million dollars as wholesale interventions.

He said that the bank also allocated 55 million dollars through the Small and Medium Enterprises (SMEs) Forex window.

He reiterated that the bank would sustain its interventions in the foreign exchange market.

He also expressed optimism that the value of the naira would continue to spike in the face of accretion to the foreign reserves and the attendant reduction in the country’s import bill.

Okorafor urged all dealers to continue to play by the rule, as the CBN would not hesitate to sanction any erring bank or dealer.

Meanwhile, the naira continues to maintain its stable run against major currencies around the globe, exchanging for N362 to a dollar in the Bureau De Change segment of the market.

(NAN)

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