Tuesday, 18 July 2017

$195m pumped in by CBN to boost forex supply

Yesterday, The Central Bank of Nigeria (CBN) supplied $195 million to stabilise the inter-bank Foreign Exchange Market. CBN spokesman Isaac Okorafor said $100 million was offered through the wholesale segment.
Small and Medium Enterprises (SMEs) segment received $50 million. Tuition fees, medical payments and Basic Travel Allowance (BTA), among others, got $45 million.

Okorafor said the CBN was pleased with the state of the market, and assured that the bank would continue to intervene in order to sustain liquidity in the market and guarantee international value of the naira.

He said the apex bank remained determined to achieve its objective of rates convergence, “hence the unrelenting injection of intervention funds into the foreign exchange market’’.

Okorafor expressed optimism that the naira would sustain its run against the dollar and other major currencies around the world, considering the level of transparency in the market.

He advised stakeholders to abide by the guidelines to ensure transparency in the market.

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