CBN injects $297m into forex market, boosts week’s total intervention to $547m

Posted by News Express | 1 September 2017 | 1,759 times

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•CBN Governor Godwin Emefiele

The Naira has been given another boost as the Central Bank of Nigeria (CBN) on Thursday injected $297 million into the Retail Secondary Market Intervention Sales (SMIS) segment of the foreign exchange market, raising the total intervention for the week to the sum of $547 million. 

Confirming the figures, CBN spokesman, Mr. Isaac Okorafor disclosed that the bank was resolute in its determination to intervene in the foreign exchange market with the aim of uplifting the Naira exchange rate, boost liquidity in the foreign exchange market and ensure timely execution and settlement for eligible transactions.

The spokesman also expressed confidence that the interventions will continue to guarantee stability in the market and ensure availability to individuals and business concerns with genuine demand for foreign exchange transactions.

On Monday, August 28, 2017, the CBN intervened in the Inter-Bank Foreign Exchange Market to the tune of $195 million in three segments of the market. In the wholesale segment of the inter-bank foreign exchange market, it sold $100 million and also uplifted the Small and Medium Enterprises (SMEs) and invisible segments, with the sum of $50 million and $45 million respectively.

Okorafor, while responding to media enquiries earlier in the week, had hinted that the apex bank would increase liquidity in the market in the coming days, noting that the move by the CBN is necessary to enhance stability in the foreign exchange market.

Source: News Express

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