CBN releases $250m to major sectors in Nigeria

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The Central Bank of Nigeria (CBN) has released $250m to four sectors in the country on Wednesday, it was  released on seven to 30-day forwards for agriculture, airlines, petroleum products and raw materials

The apex bank also called for bids for wholesale spot for $100m for Basic/Personal Travel Allowances, medicals and tuition fees.

Confirming this in Abuja, the Acting Director, Corporate Communications Department, CBN, Mr. Isaac Okorafor, said in a statement that the apex bank had also commenced heavy injection of forex into the spot market.

This, he added, was in addition to the settlement of requests for wholesale spot bids for invisibles like school fees, medicals and personal travel allowance.

The CBN had earlier this week disbursed $20,000 each to the Bureau De Change operators in two tranches of $10,000 each.

This, according to Okorafor, underscores the commitment of the CBN to ensure liquidity in the foreign exchange market.

Source: ( Punch Newspaper )

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