CBN
CBN buoys
CBN
CBN buoys Forex supply with $210m
The Central Bank of Nigeria (CBN) has again intervened in the
interbank foreign exchange market by injecting the sum of
$210million in the sales concluded on Wednesday, November 21,
2018.
Figures obtained from the Bank indicated that it offered the sum
of $100million to the wholesale segment, while the Small and Medium
Enterprises (SMEs) segment received the sum of $55 million.
Similarly, the invisibles segment, comprising tuition fees, medical
payments and Basic Travel Allowance (BTA), among others, also
received a $55 million boost.
The Director, Corporate Communications at the CBN, Mr. Isaac
Okorafor, while confirming the figures, 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.
He said the Bank was determined to achieve its objective of
exchange rate stability, thus the continued injection in the
foreign exchange market. According to him, the level of
transparency in the market was also a confidence boost for the
market.
It will be recalled that the CBN in its last intervention window on
November 16, 2018, injected the sum of $318.03m and CNY 62.18m into
the Retail Secondary Market Intervention Sales (SMIS).
Meanwhile, the naira continued to maintain its stability in the
FOREX market, exchanging at an average of N361/$1 in the BDC
segment of the market on Wednesday, November 21, 2018.
By PRNigeria