CBN Injects $190m Into FOREX Market

This is in a bid to achieve convergence of rates between the interbank and Bureau de Change (BDC) segments of the forex market.

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The Central Bank of Nigeria (CBN) has injected $190m into the foreign exchange (forex) market.

This is in a bid to achieve convergence of rates between the interbank and Bureau de Change (BDC) segments of the forex market.

This was disclosed by the CBN acting director, Corporate Communications, Isaac Okorafor, in a statement on Monday in Abuja.

He said $100m was offered as wholesale interventions and $50m was allocated to the Small and Medium Enterprises forex window.

The remaining $40m was also allocated to accommodate customers requiring forex such purposes as business, Personal Travel Allowances, tuition and medical fees.

Okorafor expressed optimism in the rise of the value of the naira which he said would soon be boosted as forex rates at both the inter-bank and BDC segments have almost converged.

He urged all dealers, particularly licensed BDCs, to continue to play by the rule, adding that the CBN would not hesitate to prosecute anyone found to be subverting its efforts.

Okorafor said that the CBN had also released new guidelines to further develop the foreign exchange market and improve its structure.

“The new circular, among other provisions, allows authorised dealers to sell their excess foreign currency to other authorised dealers without seeking prior approval from the CBN,” he said.

Meanwhile, the naira continues to maintain its strong stand against major currencies around the globe, exchanging for N364 for one dollar in the BDC segment of the market on Monday.


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