CBN Injects Another $195m Into Forex Market | The Precision

The Central Bank of Nigeria (CBN), in
continuation of its efforts to sustain foreign exchange liquidity in the
country, on Tuesday intervened in the inter-bank Foreign Exchange
Market to the tune of $195 million.

Figures released by the bank show that it offered $100 million to the
wholesale segment, while the Small and Medium Enterprises (SMEs)
segment received $50 million. The invisibles segment, comprising tuition
fees, medical payments and Basic Travel Allowance (BTA), among others,
received $45 million.

The Acting Director, Corporate Communications Department at the Bank,
Mr. Isaac Okorafor, while confirming the figures, said the CBN was
pleased with the state of the foreign exchange market, adding that the
Bank would continue to intervene in order to sustain the liquidity in
the market and guarantee the international value of the Naira.

Okorafor reiterated the apex bank’s determination to sustain the
provision of foreign exchange with a view to ensuring liquidity in the
market and enhance accessibility and affordability for genuine end
users.

According to him, the bank remained determined to achieve its
objective of rates convergence, hence the unrelenting injection of
intervention funds into the foreign exchange market.

Last week, the CBN intervened in the various segments of the foreign exchange market with $698.5 million.

Meanwhile, the Naira continued to maintain its stability in the
foreign exchange market, exchanging at an average of N364/$1 in the
Bureau de Change segment of the market on Tuesday.

News Express