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CBN Pumps $195m Into Forex Market

The Central Bank of Nigeria (CBN) on Monday injected another 195 million dollars into the various segments of the foreign exchange (Forex) market. The bank’s acting director in charge of corporate communications, Isaac Okorafor, said this in a statement. Okorafor said the bank offered 100 million dollars of the sum to the wholesale interventions while 50 million dollars was offered to the Small and Medium Enterprises(SME). He said the invisible segment, comprising Business/Personal Travel Allowances, tuition and medical fees, received 45 million dollars. He noted that the apex bank has continued to intervene in the inter-bank sector, to ensure adequate liquidity in the market. Performance ”The CBN Management is quite pleased with the performance of the naira against other major currencies around the world, particularly now that the forex rates at both the inter-bank and BDC segments neared convergence.” Okorafor expressed optimism that the CBN intervention had put a check on the activities of speculators. He also underscored the determination of the bank in sustaining stability in the forex market through monitoring of authorised dealers, to reduce sharp practices. Consequently, the naira is maintaining its steady rate against major currencies, exchanging for N363 to the dollar in the BDC segment of the market on Monday.

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The Central Bank of Nigeria (CBN) on Monday injected another 195 million dollars into the various segments of the foreign exchange (Forex) market.

The bank’s acting director in charge of corporate communications, Isaac Okorafor, said this in a statement.

Okorafor said the bank offered 100 million dollars of the sum to the wholesale interventions while 50 million dollars was offered to the Small and Medium Enterprises(SME).

He said the invisible segment, comprising Business/Personal Travel Allowances, tuition and medical fees, received 45 million dollars.

He noted that the apex bank has continued to intervene in the inter-bank sector, to ensure adequate liquidity in the market.
Performance

”The CBN Management is quite pleased with the performance of the naira against other major currencies around the world, particularly now that the forex rates at both the inter-bank and BDC segments neared convergence.”

Okorafor expressed optimism that the CBN intervention had put a check on the activities of speculators.

He also underscored the determination of the bank in sustaining stability in the forex market through monitoring of authorised dealers, to reduce sharp practices.

Consequently, the naira is maintaining its steady rate against major currencies, exchanging for N363 to the dollar in the BDC segment of the market on Monday.


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