4 October 2017

Nigeria: CBN Sustains Forex Intervention With $195 Million

In continuation of its effort to sustain foreign exchange (forex) liquidity in the country, the Central Bank of Nigeria (CBN) on Tuesday intervened in the interbank forex market to the tune of $195 million.

Figures released by the Bank showed that it offered the total sum of $100 million to the wholesale segment, while the small and medium scale enterprises (SMEs) segment received the sum of $50 million. The invisibles segment, comprising tuition fees, medical payments and Basic Travel Allowance (BTA), among others, received $45 million.

The Acting Director, Corporate Communications Department at the Bank, Mr. Isaac Okorafor, while confirming the figures, said the CBN was pleased with the state of the forex market, adding that the Bank would continue to intervene in order to sustain the liquidity in the market and guarantee the international value of the naira.

Okorafor reiterated the central bank's determination to sustain the provision of foreign exchange with a view to ensuring liquidity in the market and enhance accessibility and affordability for genuine end users.

According to him, the Bank remained determined to achieve its objective of rates convergence, hence the unrelenting injection of intervention funds into the foreign exchange market.

The CBN had last week intervened in the various segments of the forex market with the sum of $698.5 million.

Meanwhile, the naira continued to maintain its stability in the FOREX market, exchanging at an average of N364/$1 in the BDC segment of the market on Tuesday, October 3, 2017.

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