CBN injects fresh $186.5m into forex market

Posted by News Express | 24 May 2017 | 1,165 times

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•CBN Headquarters.

Following the conclusion of the Monetary Policy Committee Meeting on Tuesday, the Central Bank of Nigeria (CBN) has injected the sum of $186.5 million into the invisible and the whole Wholesale Secondary Market Intervention Sales (SMIS) segments of the forex market.

The sum is made up of $36.5 million in the invisibles, $50m for Small and Medium Enterprises (SMEs) segments and $100 in the wholesale segment. CBN also approved the sale of $100 million at the Wholesale Secondary Market Intervention Sales (SMIS) auction announced on Monday, May 23, 2017.

CBN Acting Director, Corporate Communications, Isaac Okorafor, speaking to the journalists on the sideline of the MPC briefing, confirmed the sales at both the invisible and wholesale segments were settled on yesterday.

Mr. Okorafor reiterated that the CBN will continue to make every necessary intervention in the interbank market to sustain the supply of forex to meet legitimate foreign exchange demands by customers.

He stated that the efforts of the CBN in sustaining the intervention in the forex market is beginning to post some positive effects, as the Naira is making steady gain against major currencies.

This goes to reaffirms the CBN Governor’s pledge at the Tuesday Monetary Policy Committee press briefing on the need to sustain the FOREX intervention to ensure the convergence of the forex rates.

There are strong indications, according to market analysts that the Naira is likely to maintain an average exchange rate below N375 to $1 in no distant time.

 


Source: News Express

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