We Won’t Rest Until FOREX Market Is Stable – CBN

In a bid to sustain liquidity and stability in the inter-bank Foreign Exchange market, the Central Bank of Nigeria (CBN) has assured of its continued intervention in the sector.

Isaac Okorafor, the CBN’s Acting Director, Corporate Communications Department, gave the assurance in Abuja on Friday.

Okorafor, who admitted to marginal fluctuation in strength of the naira, was quick to point out that the measures being taken by the apex bank on forex supply has yielded positive results so far.

He stressed that the naira remained stable against other major currencies around the world, as activities in the foreign exchange market remained dynamic.

According to him, the interventions of the apex Bank were in line with its commitment to sustain liquidity in the market to meet genuine requests as well as deepen flexibility in the foreign exchange market.

Okorafor underscored the Bank’s resolve to disappoint speculators suggesting the CBN will discontinue its intervention, adding that the apex bank had put necessary checks in place to guard against sharp practices in the forex market.

He said the country’s foreign reserves had recently risen from $30 Billion to about $32 billion, as he assured those who genuinely require foreign exchange for their transactions to approach their banks, noting that there was enough forex to meet all demands.

It will be recalled that the Central Bank of Nigeria has consistently injected funds into in the interbank foreign exchange market, which received a boost of $547 Million in the last round of intervention.

Meanwhile the Naira exchanged at the rate of N363 to the US dollar in the Bureau de Change segment of the market on today (Friday).