CBN injects $55m for Nigerians needing Forex for travel, tuition, medical fees


The Central Bank of Nigeria (CBN) on Monday injected the sum of $55m into the economy for Nigerians requiring foreign exchange (Forex) for Business/Personal Travel Allowances, tuition, and medical fees.

The amount is part of $210m 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 apart from the $55m dollars for travel, tuition and medical fees, “the bank offered $100m as wholesale interventions and another $55m 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.


Source link

More News

President Buhari to Embark on Eight-Day Visit to Saudi Arabia, Perform Umrah

On Tuesday morning, President Muhammadu Buhari will begin an eight-day state visit to the Kingdom of Saudi Arabia, where he is expected to perform...

Senator-Elect Yar’Adua Commits to Delivering Change for Katsina Central District

Senator-elect Abdul’aziz Yar’Adua of the All Progressives Congress (APC) for Katsina Central Senatorial District has vowed to deliver on his campaign promises to the...

Police Arrest Suspect in Brutal Killing of Pregnant Girlfriend in Kano

The Kano State Police Command has arrested Philibus Ibrahim, who allegedly strangled his pregnant girlfriend, 22-year-old Theresa Yakubu, in Tudun Wada Local Government Area...

2023 Polls: Group warns Governor Matawalle over inciting comments, blaming Nigerian military

The Centre for Africa Liberation and Socio-Economic Rights (CALSER), a Civil Society Organisation, has accused Governor Bello Matawalle of displaying undemocratic tendencies following his...