CBN boosts forex supply with $195m

Posted by News Express | 8 November 2017 | 1,493 times

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•CBN Acting Spokesman Isaac Okorafor

The Central Bank of Nigeria has intervened in the Inter-bank Foreign Exchange Market with the injection of another $195 million.

Figures released by the bank on Tuesday show that it offered $100 million to the Wholesale segment, while the Small and Medium Enterprises segment received $50 million. The invisibles segment comprising tuition, medical payments and Basic Travel Allowance received $45 million.

The bank’s Acting Director, Corporate Communications Department, Mr. Isaac Okorafor confirmed the figures, noting that the intervention was in line with the CBN’s commitment to continue to ensure foreign exchange liquidity and meet legitimate demand.

Okorafor maintained that the CBN would continue to intervene in the nation’s foreign exchange market in order to sustain its liquidity and guarantee the international value of the Naira.

Meanwhile, the Naira is still exchanging at an average of N360/$1 in the Bureau de Change segment of the market on Tuesday maintaining its stability in the foreign exchange market.


Source: News Express

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