CBN Injects Additional $195m Into FOREX Market

Godwin Emefiele, Governor Central Bank of Nigeria

The Central Bank of Nigeria, CBN, on Monday continued its intervention in the inter-bank Foreign Exchange Market by injecting additional $195 million to meet the increasing demands of customers.

Advertisement

Acting Director in charge of Corporate Communications, Mr. Isaac Okorafor, confirmed the figures in the latest round of intervention by the Bank in Abuja.

Mr Okorafor further announced a retail option submitted on Monday, with the results to be released soon.

The CBN spokesperson said the Bank would continue to ensure adherence to its forex policy by insisting on transparency of all stakeholders to guarantee stability in the market.

The apex bank last week released over $800 million into various segments of the market last week.

Advertisement

A breakdown of the intervention revealed that the Bank offered the sum of $100 million to authorized dealers inter-bank wholesale window, while it allocated the sum of $50 million to the Small and Medium Enterprises (SMEs) window.

The invisibles segment was allocated the sum of $45 million to meet the needs of those who applied for Forex to settle Business/Personal Travel Allowances, school tuition, and medicals, etc.

Also last week, the CBN, in a bid to tackle inflation, unveiled plans to mop up a total of N200.322 billion from the Nigerian banking system through a special Open Market Operation (OMO) at the rate of 16 per cent per annum.

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, June 19, 2017.

Leave a comment

Advertisement