12 June 2017

Nigeria: CBN Injects $413.5 Million Into Forex Market

The Central Bank of Nigeria (CBN) on Monday intervened in the inter-bank Foreign Exchange market to the tune of $413.5 million to further shore up the international value of the Naira.

The CBN acting Director, Corporate Communications, Isaac Okorafor, in a statement in Abuja, said the latest intervention underscores the apex bank's resolve to sustain liquidity in the foreign exchange market.

"The CBN offered the sum of 100 million dollars to dealers in the wholesale window, while the Small and Medium Enterprises (SMEs) window was allocated a total of 28million dollars.

"The invisibles segment was allocated the sum of 25.5 million dollars to meet the needs of those requiring forex for Business and Personal Travel Allowances, school tuition, medicals, etc,".

According to Mr. Okorafor, the bank has also released the figures for the auction sales in the retail window last week, totaling $260 million.

The CBN spokesperson said the bank was optimistic that the naira would continue its strong run against the dollar and other major currencies around the world.

On the bank's objective to achieve convergence between the forex rates at both the inter-bank and BDC segments, Mr. Okorafor said the CBN was confident of achieving the goal soon particularly if all played by the rules.

He, therefore, charged all dealers, principally licensed Bureaux De Change (BDCs), to abide by the rule, for the sake of the economy.

Meanwhile, the naira continued to maintain its stability in the FOREX market, exchanging at N360 to a dollar at the commercial banks, N361 to a dollar at the Bureau de Change segment and N363 to a dollar at the black market.

(NAN)

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