CBN Boosts FOREX Market With Fresh $195m

As part of its bid to sustain liquidity in the Foreign Exchange Market, the Central Bank of Nigeria on Tuesday injected another $195 million into different segments of the market.

Isaac Okorafor, the CBN’s Acting Director in charge of Corporate Communications, who confirmed the figures said the apex Bank offered the sum of $100 million to the wholesale window and intervened in the Small and Medium Enterprises (SMEs) segment with $50 million.

The invisibles segment, comprising tuition, medical payments and Basic Travel Allowance received $45 million.

Mr. Okorafor, reiterated CBN’s committment to sustain the ongoing foreign exchange intervention especially now that the nation’s external reserve is on the upward climb, and stands at $34 billion.

Mr. OkoraforThe CBN acting director urged Deposit Money Banks to continue to honour requests from customers with genuine needs, noting that the Bank will continue to sustain liquidity in the foreign exchange market.

He also restated the Bank’s determination to achieve its objective of rates convergence, hence the consistent intervention in the foreign exchange market.

Meanwhile, the naira continued to maintain its stability in the FOREX market, exchanging at an average of N360/$1 in the BDC segment of the market on Tuesday.