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.