CBN Boosts Forex Market With Fresh $195m

As part of efforts to sustain FOREX liquidity in the country, the Central Bank of Nigeria (CBN), has injected fresh $195million into different segments of the inter-bank Foreign Exchange Market.

Isaac Okorafor, CBN’s Acting Director, Corporate Communications Department, made the announcement on Tuesday.

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Figures released by the Bank show it offered the total sum of $100million to the wholesale segment, while the Small and Medium Enterprises (SMEs) segment received the sum of $50 million.

The invisibles segment, which includes tuition fees, medical payments and Basic Travel Allowance (BTA), among others, got $45 million lift.

This is coming a week after the apex Bank intervened in various segments of the Forex market with the sum of $698.5 million.

While reiterating the CBN’s commitment to sustain liquidity in the “Forex market and guarantee the international value of the naira”, Okorafor said the apex Bank was pleased with the state of the market.

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He assured that the bank will not relent in its 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.

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 as at today (Tuesday).

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