CBN boosts Forex market with $195 million

Central bank of Nigeria

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

Isaac Okorafor, the Acting Director, Corporate Communications Department of CBN, said this in a statement on Monday in Abuja.

He said “in the wholesale segment of the inter-bank foreign exchange market, the bank auctioned $100 million and also intervened in the Small and Medium Enterprises (SMEs) with $50 million.

“The invisible segment was also offered $45 million intervention.

Mr. Okorafor reaffirmed the CBN’s commitment to sustain liquidity in the market to ensure that genuine requests for FOREX 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 million dollars.

About $267 million was offered for the Retail Secondary Market Intervention Sales (SMIS), while $100 million was offered as wholesale interventions.

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

Mr. Okorafor said the leadership of CBN was upbeat with the positive impact its current foreign exchange management was having on 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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