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CBN injects another $250m into Forex Market

By News Express on 12/09/2017

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•CBN Headquarters
•CBN Headquarters

The Central Bank of Nigeria (CBN), in its relentless effort to keep the inter-bank foreign exchange market liquid, on Monday intervened with another sum of $250 million.

A breakdown of Monday’s intervention indicates that the wholesale sector was offered $100 million, just as the Small and Medium Enterprises (SMEs) window received a boost of $80 million. Those requiring foreign exchange to address needs such as Business/Personal Travel Allowances, school tuition, medicals, etc. were allotted $70 million.

The Bank’s Acting Director in charge of Corporate Communications, Isaac Okorafor, who disclosed this, reiterated that the interventions had ensured stability in the market, even as he stressed that the CBN remained committed to maintaining transparency in the market.

According to him, CBN had taken measures to check the activities of speculators and shield the currency from attacks, while also maintaining the international value of the Naira.

While assuring that authorised dealers had enough funds to meet the foreign exchange needs of customers, Okorafor urged all to adhere to the extant guidelines on the sale of forex in the Nigerian foreign exchange market. He therefore advised those in genuine need of foreign exchange to continue to approach their respective banks for purchase. He said the Bank remained very optimistic that the Nigerian currency will fare strongly against other notable currencies around the world.

On the convergence target of the bank between the foreign exchange rates at the inter-bank and the Bureau de Change (BDC), he said the goal would be attained if all stakeholders played by the rules.

CBN last week assured customers of adequate foreign exchange in the market, dispelling fears of a scarcity of foreign exchange in the Nigerian foreign exchange market. Meanwhile, the naira exchanged at the Bureau de Change segment of the market on Monday at the rate of N365/$1.

 

Source News Express

Posted 12/09/2017 12:25:18 AM

 

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