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CBN Injects Fresh $210m Into Forex Market

Godwin Emefiele, CBN Governor

The Central Bank of Nigeria (CBN) on Monday, released the sum of $210 million into different segments of the inter-bank Foreign Exchange Market.

Isaac Okorafor, the CBN’s Acting Director in charge of Corporate Communications, who confirmed the figures reiterated the apex Bank’s commitment to sustain its interventions in the foreign exchange market.

According to CBN spokesman, the Bank offered the sum of $100,000,000 as wholesale interventions and allocated the sum of $55 million to the Small and Medium Enterprises (SMEs) forex window.

The invisibles segment comprising for Business/Personal Travel Allowances, tuition and medical fees, among others, were allocated the sum of $55 million.

Okorafor was upbeat that the value of the naira will continue to spike in the face of accretion to the foreign reserves and the attendant reduction in the country’s import bill.

While also attributing the stability in the market to the Bank’s transparency and cooperation of authorized dealers, he urged all dealers to continue to play by the rule, as the CBN would not hesitate to sanction any erring bank or dealer.

Meanwhile, the naira continued to maintain its stable run against major currencies around the globe, exchanging for N362/$1 in the BDC segment of the market on Monday, January 29, 2018.

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