Forex: CBN Pumps Additional $100m Into Market

The Central Bank of Nigeria (CBN) on Tuesday injected another sum of 100 million dollars into the inter-bank foreign exchange market, its acting Director, Corporate Communications, Isaac Okorafor has said.

Okorafor said the measure became necessary as part of the initiatives to make Forex easily accessible, thereby crashing demand at the black market.

The director made this known to newsmen in Abuja on Tuesday.

He said that the measure was to fund the commercial banks with enough Forex to cater for the request of customers and to meet basic travelling allowance, medicals and tuition fees.

This fresh injection by the apex bank brings the amount so far pumped into the interbank Forex market within the last two weeks to 1.14 billion dollars for both forwards and invisible.