CBN Happy With Naira Stability, Injects Further $195m Into FX market

CBN Happy With Naira Stability, Injects Further $195m Into FX market

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Post Views: 152 As stakeholders await the outcome of the Monetary Policy Committee (MPC) meeting on Tuesday, July 25, 2017, the Central Bank of Nigeri...

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As stakeholders await the outcome of the Monetary Policy Committee (MPC) meeting on Tuesday, July 25, 2017, the Central Bank of Nigeria (CBN) on Monday, said it would continue intervening in the inter-bank segment of the foreign exchange market, satisfied with the outcome of previous efforts at defending the Naira against other major currencies of the world.
According to Isaac Okorafor, Acting Director in charge of Corporate Communications at the CBN, the intervention in the inter-bank sector would be sustained to ensure adequate liquidity in the market.
This is particularly necessary, he continued, now that the forex rates at both the inter-bank and BDC segments neared convergence.
In a statement on Monday evening, the CBN announced a further $195m boost to liquidity in various segments of the inter-bank foreign exchange market, a breakdown of which showed that while $100m was offered as wholesale interventions; the sum of $50m went to the Small and Medium Enterprises (SMEs) forex window.
The invisibles segment, comprising Business/Personal Travel Allowances, tuition and medical fees, among others, was allocated $45m.
Confirming the figures, the Bank’s Mr., said the Bank
Okorafor expressed optimism that the CBN’s intervention had put a check on the activities of speculators, just as he underscored the thorough monitoring of authorised dealers as a way of reducing incidences of sharp practices.
Meanwhile, the naira maintained its steady rate against major currencies around the globe, exchanging for N363/$1 in the BDC segment of the market on Monday, July 24, 2017.

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