CBN Lifts Forex Market With $413.5m

Godwin Emefiele, Governor Central Bank of Nigeria

The Central Bank of Nigeria (CBN) has steadied its efforts to achieve convergence of rates at the foreign exchange market.

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In a statement on Monday by its Acting Director of Corporate Communications, Mr. Isaac Okorafor, the CBN announced the approval of $413.5 million for Small and Medium Enterprises (SMEs), invisibles segment as well as for dealers in the wholesale windows.

Okorafor said the Apex Bank offered the sum of $100 million to dealers in the wholesale window, the Small and Medium Enterprises (SMEs) window got $28 million and the invisibles segment was allocated the sum of $25.5 million to meet the needs of those requiring forex for Business/Personal Travel Allowances, school tuition, medicals, etc.

According to him, figures of last week’s auction sales in the retail window stood at $260million.

Okorafor restated the Apex Bank’s commitment to “guarantee liquidity in the market as well as shore up the international value of the naira.”

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He said the CBN was “optimistic that the Naira will continue its strong run against the dollar and other major currencies around the world, considering that transparency in the market has ensured greater stability.”

The CBN spokesperson added that the Bank was “confident of achieving the goal soon, particularly if all stakeholders played by the rules.”

He said, “The naira continued to maintain its stability in the FOREX market, exchanging at an average of N362/$1 in the BDC segment of the market on Monday, June 12, 2017.”

While urging all dealers and principally licensed Bureaux De Change (BDCs) operators to continue abide by the rule, the CBN spokesperson noted that the Bank will not hesitate to wield the big stick when necessary.

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