CBN releases $280 million fresh forex
The Central Bank of Nigeria has pumped another batch $280 million into the foreign exchange market as Naira continues to gain strength in the parallel market.
A statement by the apex banks reveals the bank had offered $100 million in currency forwards at an auction on Tuesday with the aim of boosting liquidity on the interbank market and giving the Naira a necessary support.
The sale which was via a wholesale auction also offered $80 million for travel, medical services and tuition. $100 million was also allocated to Small and Medium Enterprises (SMEs).
Traders expressed their optimism as they expect the Naira to sustain its appreciation against the dollar as the CBN maintains it liquidity boost to all sections of the market