Forex

By Ige Olugbenga

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The Central Bank of Nigeria (CBN) on Monday injected $205 million into various segments of the forex market to boost economic activities in the country.

The intervention comes ahead of the conclusion of the ongoing Monetary Policy Committee meeting in Abuja.

A breakdown of the fund showed that $100 million was released for the spot and forward segments of the wholesale market while basic travel allowance earned $50 million.

Also, the small and medium scale enterprises segment got $55 million.

Last week, the Central Bank of Nigeria (CBN), injected almost double that figure into the economy.

It injected, according to the CBN spokesman, Isaac Okoroafor, $457.3 million into various segments of the market.

Of this amount, the spot and forwards segment garnered $267.3 million, while the wholesale segment got $100 million.

Okorafor said the Small and Medium Enterprises (SMEs) and invisible segments comprising basic travel allowance, tuition fee and medical got $50 million and $40 million respectively.