CBN injects another $250m into forex market

CBN injects another $250m into forex market
September 11 22:00 2017

By Ahmed Idris

In its relentless effort to keep the inter-bank foreign exchange market liquid, the Central Bank of Nigeria (CBN) on Monday, September 11, 2017, intervened with another sum of $250 million.

A breakdown of Monday’s intervention indicates that the wholesale sector was offered the sum of $100 million, just as the Small and Medium Enterprises (SMEs) window received a boost of $80 million. Those requiring foreign exchange to address needs such as Business/Personal Travel Allowances, school tuition, medicals, etc. were allotted the total sum of $70 million.

Acting Director in charge of Corporate Communications of the CBN, Nr. Isaac Okorafor, who disclosed this, reiterated that the interventions had ensured stability in the market.

He said the bank remains committed to maintaining transparency in the market.

According to him, CBN had taken measures to check the activities of speculators and shield the currency from attacks, while also maintaining the international value of the Naira.

While assuring that authorized dealers had enough funds to meet the foreign exchange needs of customers, Okorafor urged all to adhere to the extant guidelines on the sale of forex in the Nigerian Forex market.

He, therefore, advised those in genuine need of forex to continue to approach their respective banks for purchase.

He said the Bank remained very optimistic that the Nigerian currency will fare strongly against other notable currencies around the world.

On the convergence target of the Bank between the forex rates at the inter-bank and the Bureau de Change (BDC), he said the goal would be attained if all stakeholders played by the rules.

The CBN last week assured customers of adequate foreign exchange in the market, dispelling fears of a scarcity of foreign exchange in the Nigerian forex market. Meanwhile, the naira exchanged at the Bureau de Change segment of the market on Monday, September 11, 2017, at the rate of N365/$1.