CBN Injects $195m Into FOREX Market

The Central Bank of Nigeria (CBN) has continued its intervention in the inter-bank Foreign Exchange Market by injecting the sum of $195million into the retail segment of the market.

The CBN in a statement on Monday by its Acting Director on Corporate Communications, Isaac Okorafor, said the Apex Bank was pleased with the state of the Forex market.

The CBN spokesman further stated that the bank will not renege on its commitment to sustain the liquidity in the country’s foreign exchange market and guarantee the international value of the naira.

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.

Mr Okorafor was upbeat that the Naira will sustain its run against the dollar and other major currencies around the world, while advising stakeholders to abide by the guidelines to ensure transparency in the market.

Figures released by the Bank show that 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, comprising tuition fees, medical payments and Basic Travel Allowance (BTA), among others, received $45 million.

It will be recalled that the CBN last week intervened in the various segments of the Forex market with the sum of $396.8 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 Monday, July 17, 2017.