Forex: CBN injects $195m into FX market

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By Emma Ujah, Abuja Bureau Chief

ABUJA – The Central Bank of Nigeria (CBN), has injected $195million into the inter-bank segment of the foreign exchange market, continuation of its drive to ensure the stability of the exchange rate.

Governor, Central Bank of Nigeria (CBN), Mr Godwin Emefiele

Figures released by the Bank 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 invisible segment, comprising tuition fees, medical payments and Basic Travel Allowance (BTA), among others, received $45 million.

Confirming the figures obtained, the CBN Acting Director at the Bank, Mr. Isaac Mr. Okorafor, said the CBN was pleased with the state of the Forex market, adding that the Bank will continue to intervene in order to sustain the liquidity in the market and guarantee the international value of the naira.

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.

Speaking further, Mr. Okorafor expressed optimism that the Naira will sustain its run against the dollar and other major currencies around the world, considering the level of transparency in the market. He therefore advised stakeholders to abide by the guidelines to ensure transparency in the market.

The CBN had, last week, intervened in the various segments of the Forex market with the sum of $396.8 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, Monday

The post Forex: CBN injects $195m into FX market appeared first on Vanguard News.

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