CBN boosts forex market with $262.5m

Posted by News Express | 13 January 2018 | 1,162 times

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•CBN Spokesman Isaac Okorafor

In its first Retail Secondary Market Intervention Sales for the year, the Central Bank of Nigeria (CBN) on Friday intervened in the inter-bank Foreign Exchange Market with the total sum of $262,500,000.

Data received from the CBN on Friday revealed that the sum was in favour of the agricultural, airlines, petroleum products and raw materials and machinery sectors.

The Acting Director in charge of Corporate Communications at the CNB, Mr. Isaac Okorafor confirmed the figures, noting that the releases remained targeted at boosting production and trade in addition to sustaining liquidity in the market.

According to him, the CBN would not relent in its resolve to make the inter-bank foreign exchange market liquid, stressing that the Bank was committed to driving economic growth and guaranteeing stability in the market.

Okorafor also reiterated that the Bank’s intervention had effectively checked the activities of speculators, assuring that it would continue to monitor thoroughly the activities of authorised dealers in order to checkmate possible sharp practices.

Meanwhile, the Naira exchanged at N359 to a United States dollar on Friday, maintaining its stability in the market.


Source: News Express

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