CBN boosts forex supply with $195m

Posted by News Express | 18 July 2017 | 2,014 times

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•CBN Acting Spokesman Isaac Okorafor

The Central Bank of Nigeria (CBN), in continuation of its foreign exchange supply drive, on Monday intervened in the inter-bank Foreign Exchange Market to the tune of $195 million.

Figures released by the apex 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.

Disclosing the figures obtained, CBN Acting Director of Corporate Communications, Mr. Isaac Okorafor 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.

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

Okorafor expressed optimism that the Naira would sustain its run against the Dollar and other major currencies, considering the level of transparency in the market. He therefore advised stakeholders to abide by the guidelines to ensure transparency in the market.

Last week, the CBN intervened in the various segments of the foreign exchange market with $396.8 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 Monday.

Source: News Express

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