CBN Releases $280 million Forex to SMEs, BDCs and Others

The Central Bank of Nigeria (CBN) had on Tuesday proceeded in its intervention in the foreign exchange segment of the financial market by injecting another fresh $220 million into various sectors of the economy.

 In a statement issued by the acting Director, Corporate Communications department, Isaac Okorafor, said it had also commenced the weekly sale of $20,000 to Bureau de Change operators.
 The statement said the CBN on Tuesday also opened bids where it offered $100 million wholesale t 7-45 days forwards to end-users through the deposit money banks (DMBs).
A breakdown of the intervention showed that Basic Travel Allowance, Personal Travel Allowance, medical bills and tuition received $80 million, while the Small and Medium Enterprises window received $100 million.

Okorafor said that the new window for SMEs would boost the operations of small businesses through the importation of eligible finished and semi-finished items.
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