Again, CBN Lifts FOREX Market With $195m

As part of its sustained drive to ensure liquidity and stability in the country’s forex market, the Central Bank of Nigeria has again pumped the sum of $195 million into various segments of the inter-bank foreign exchange market.

The CBN in a statement by Isaac Okorafor, Acting Director, Corporate Communications, noted that the latest move was aimed at strengthening the international value of the Naira, and ensuring its accessibility to customers who required it for genuine purposes.

A breakdown of the figures released by the apex bank shows that a total of $100 million was offered to authorized dealers in the wholesale window, while the Small and Medium Enterprises (SMEs) window got $50 million.

Also, BTA/PTA, tuition and medical bills, among other invisibles, received the sum of $45 million.

It will be recalled that the CBN in the last round of forex intervention in the inter-bank market on June 28, 2017, injected a total sum of $195 million to the wholesale, SMEs and invisibles segments of the market.

Meanwhile, a survey of markets in the Bureau de Change segment (BDCs) in Lagos, Abuja, Port-Harcourt and Kano, on Monday, July 3, 2017, showed that the naira exchanged at an average of N360/$1 in the BDC segment of the market.