CBN injects $195m into forex market

Posted by News Express | 10 October 2017 | 1,158 times

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•CBN Spokesman Isaac Okorafor

 The Central Bank of Nigeria (CBN) on Monday continued its intervention in the inter-bank foreign exchange market with the injection of $195m.

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.

Confirming the figures, the Bank’s Acting Director, Corporate Communications Department, Mr. Isaac Okorafor said the injection was in line with the CBN’s pledge of making the foreign exchange market liquid.

Okorafor reiterated that the bank remained determined to achieve its objective of rates convergence, hence the consistent intervention in the foreign exchange market.

He urged Deposit Money Banks to only honour requests from customers with genuine needs, noting that the Bank did not intend to falter in its pledge to ensure liquidity in the foreign exchange market.

Meanwhile, the Naira continued to maintain its stability in the foreign exchange market, exchanging at an average of N363/$1 in the BDC segment of the market on Monday. 

Source: News Express

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