The Central Bank of Nigeria (CBN) has supplied yet another $195 million to stabilise the inter-bank foreign exchange market.
The apex bank’s spokesman, Isaac Okorafor said $100 million was offered through the wholesale segment.
Small and Medium Enterprises (SMEs) segment received $50 million.
Tuition fees, medical payments and Basic Travel Allowance (BTA), among
others, got $45 million.
Tuition fees, medical payments and Basic Travel Allowance (BTA), among
others, got $45 million.
Mr Okorafor said the CBN was pleased with the state of the market, and
assured that the bank would continue to intervene in order to sustain
liquidity in the market and guarantee international value of the naira.
assured that the bank would continue to intervene in order to sustain
liquidity in the market and guarantee international value of the naira.
He said the CBN remain committed to achieving its objective of
rates convergence, “hence the unrelenting injection of intervention
funds into the foreign exchange market’’.
rates convergence, “hence the unrelenting injection of intervention
funds into the foreign exchange market’’.
NAN reports that Okorafor expressed optimism that the naira would
sustain its run against the dollar and other major currencies around the
world, considering the level of transparency in the market.
sustain its run against the dollar and other major currencies around the
world, considering the level of transparency in the market.
He advised stakeholders to abide by the guidelines to ensure transparency in the market.
Recall that the CBN intervened in the various segments of
the foreign exchange market with the injection of 396.8 million dollars
while the naira continued to maintain its stability in the market,
exchanging at an average of N364 to a dollar in the Bureau de Change
segment of the market.
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