14 November 2017

Nigeria: CBN Pumps in $195m As Naira Firms At N363/$

Lagos — The Central Bank of Nigeria (CBN) yesterday continued its intervention at the foreign exchange market injecting another $195 million into the inter-bank market to buy liquidity, even as the naira remained stable at the parallel market.

In spite of the intervention the value of the naira at the official market was down to N306 from N305.95 which it closed last week while it closed at N360.20 at the Investors and Exporters window.

Figures released by the CBN showed that it offered the total sum of $100million to the Wholesale segment, while the Small and Medium Enterprises (SMEs) segment received the sum of $50 million. The invisibles segment comprising tuition, medical payments and Basic Travel Allowance (BTA) received $45 million.

CBN's acting director, Corporate Communications department, Mr. Isaac Okorafor, said the intervention is in line with the CBNs continual determination to ensure forex liquidity and satisfy legitimate demand.

Okorafor assured that the apex bank will continue to intervene in the nation's forex market in order to sustain the liquidity in the market and guarantee the international value of the naira.

Meanwhile, the naira exchanged at an average of N363 to the dollar in the bureau de change segment of the market on Monday, November 13, 2017, maintaining its stability in the forex market.

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