CBN injects another $195m into Forex market

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 Yemisi Izuora

The Central Bank of Nigeria (CBN), has further pushed $195 million into the inter bank Foreign Exchange Market as part ofefforts to sustain FOREX liquidity in the country.

In the latest intervention $100million was released to the wholesale segment, while the Small and Medium Enterprises (SMEs) segment received the sum of $50 million. The invisibles segment, comprising tuition fees, medical payments and Basic Travel Allowance (BTA), among others, received $45 million. 

The Acting Director, Corporate Communications Department at the Bank, Mr. Isaac Okorafor, while confirming the figures, said the CBN was pleased with the state of the Forex market, adding that the Bank will continue to intervene in order to sustain the liquidity in the market and guarantee the international value of the naira

Mr. Okorafor reiterated the apex Bank’s determination to sustain the provision of foreign exchange with a view to ensuring liquidity in the market and enhance accessibility and affordability for genuine end users.

According to him, the Bank remained determined to achieve its objective of rates convergence, hence the unrelenting injection of intervention funds into the foreign exchange market. 

It will be recalled that the CBN last week intervened in the various segments of the Forex market with the sum of $698.5 million.

Meanwhile, the naira continued to maintain its stability in the FOREX market, exchanging at an average of N364/$1 in the BDC segment of the market on Tuesday, October 3, 2017.

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