Foreign reserve hits $38.2bn as CBN pumps $210m into forex market

CBN Governor, Mr. Godwin Emefiele

By Patience Danjuma 

The Central Bank of Nigeria (CBN) has disclosed that the nation’s foreign reserve has reach $38.2 billion, the first time in nearly three years.

CBN Governor, Godwin Emefiele made the disclosure at the commissioning of the Blueband margarine production line in Agbara, Ogun state on Tuesday.

The foreign reserve, which stood at $40 billion in October 2014, went down to $23 billion in January 2016, following a crash in commodity prices at the international market.  

Okoroafor said the apex bank had opened the foreign exchange market with the injection of another $210,000,000 to sustain liquidity.

He said the sum of $100 million was offered to the wholesale segment, while the Small and Medium Enterprises (SMEs) segment got an allocation of $55 million.

The invisible segment (i.e. tuition fees, medical payments and Basic Travel Allowance (BTA), among others) was also allocated $55 million.”

The Acting Director noted that the releases to successful bidders which have since been concluded are part of effort aimed at further enhancing ease of doing business in Nigeria.

According to him, besides boosting liquidity in the forex market, facilitating trade and remittances for legitimate personal commitments are also expected to improve tremendously.

Speaking on market conduct, Okorafor enjoined authorized dealers to abide by the extant rules of the forex market as CBN would continue intensify monitoring of the market.

Meanwhile, the naira maintained its steady rate against the United States Dollar, exchanging for N361/$1 in the BDC segment of the market on Tuesday, December 5, 2017.  

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