CBN Boosts Foreign Exchange Market with $195m

central bank, forex market, Foreign exchange
Local and foreign currencies

The Central Bank of Nigeria on Monday boosted the Foreign Exchange market by $195m intervention in three segments of the market.

The Acting Director, Corporate Communications Department of CBN, Mr Isaac Okorafor, in a statement on Monday said, “In the wholesale segment of the inter-bank foreign exchange market, the bank auctioned $100m and also intervened in the Small and Medium Enterprises with $50m.

“The invisible segments was also offered $45m intervention.”

Okorafor reaffirmed the CBN’s commitment to sustaining liquidity in the market to ensure that genuine requests for foreign exchange were met as well as improve liquidity and flexibility in the market.

The intervention in the new week followed the major intervention last week of $462,336,426.74.

About $267m was offered for the Retail Secondary Market Intervention Sales, while $100m was offered as wholesale interventions.

The Small and Medium Enterprises forex window got $50m while $45m was offered for the invisible which included Business/Personal Travel Allowances, tuition and medical fees.

Read: CBN auctioned the sum of $418m to sustain forex intervention

Okorafor said the leadership of CBN was upbeat with the positive impact its current foreign exchange management was having in the manufacturing sector, agriculture and economic activities across the country.

He also reiterated the CBN governor’s desire to achieve stability and ultimately ensure convergence of rates in the market.

Meanwhile, the naira hovered at between N361 and N362 to the dollar in the BDC segment of the market over the weekend.

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