11 September 2017

Nigeria: CBN Injects Fresh $250 Million Into Forex Market

The Central Bank of Nigeria, CBN, on Monday, injected another $250 million into the foreign exchange market, to keep the inter-bank market liquid.

Details of the fresh funding in Monday's intervention showed that the wholesale sector got about $100 million, while the Small and Medium Enterprises, SMEs window received a boost of $80 million.

Another allocation of $70 million went to those requiring foreign exchange to address their needs for Business/Personal Travel Allowances, school tuition, medicals, etc.

The CBN's spokesperson, Isaac Okorafor, said although the interventions ensured stability in the market, the CBN remained committed to maintaining transparency in the market.

He said the 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 authorised dealers of sufficient funds to meet the foreign exchange needs of customers, Mr. Okorafor urged all operators to adhere strictly to the extant guidelines on the sale of FOREX in the Nigerian FOREX market.

He advised those in genuine need of FOREX to continue to approach their respective banks for purchase, adding that the Bank remained optimistic the Nigerian currency would fare strongly against other notable currencies around the world.

On the convergence target by the CBN between the FOREX rates at the inter-bank market and the Bureau de Change, BDC, the CBN spokesperson 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 to the dollar.

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