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Forex: Wholesale Market, BTA, PTA Get $210m CBN Boost

Godwin Emefiele, CBN Governor

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The Central Bank of Nigeria (CBN), on Tuesday, continued its weekly intervention in the inter-bank foreign exchange market by injecting the sum of $210,000,000 into various segments of the market.

The CBN’s Acting Director, Corporate Communications Department, Mr. Isaac Okorafor, who confirmed the figures, said the Bank was pleased at the performance of the Naira, noting that the currency had continued to enjoy stability against the dollar and other major currencies of the world in recent times.

A breakdown of the Bank’s latest round of intervention indicates that the CBN offered the sum of $100 million to dealers in the wholesale window, while those in the Small and Medium Enterprises (SMEs) window received an allocation of $55 million.

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The invisibles segment, comprising Business/Personal Travel Allowances, school tuition, medicals, was allocated the sum of $55 million.

Okorafor reassured the public that the Bank would continue to intervene in the interbank foreign exchange market in line with its resolve to ensure liquidity in the forex market and maintain stability.

The CBN spokesman reiterated that the steps taken by the apex Bank in forex management had resulted in further reduction in the country’s import bills and accretion to its foreign reserves.

It will be recalled that the CBN last Friday, intervened in the Retail Secondary Market Intervention Sales (SMIS) to the tune of $327 million in the agricultural and raw materials and CNY 69 million in the spot and short-tenored forwards.

The Naira continued to maintain its strong stand against major currencies around the globe, exchanging for N360/$1 in the BDC segment of the market on Tuesday.

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Meanwhile, the CBN will on Wednesday, August 15, 2018, sensitize stakeholders in Abuja and the adjoining States on the Bilateral Currency Swap Agreement between the CBN and the People’s Bank of China (PBoC) signed on April 27, 2018.

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