CBN Buoys Inter-Bank Forex Market with $210m

CBN Buoys Inter-Bank Forex Market with $210m

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Post Views: 229 The Central Bank of Nigeria (CBN) on Tuesday, February 19, 2019, made a fresh $210m injection into the inter-bank foreign exchange mar...

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The Central Bank of Nigeria (CBN) on Tuesday, February 19, 2019, made a fresh $210m injection into the inter-bank foreign exchange market in its determination to boost supply in that sector of the market.
The apex bank offered a total of $100m to the wholesale segment, while the Small and Medium Enterprises (SMEs) segment received the sum of $55m, while the invisibles segment, comprising tuition fees, medical payments and Basic Travel Allowance (BTA), among others, also received $55m.
Director, Corporate Communications at the CBN, Isaac Okorafor, expressed pleasure at the stability of the Forex market, adding that it will continue to intervene so as to ensure liquidity in the market.
Having virtually achieved the objective of rates convergence, he said the apex bank was committed to sustaining the gains recorded in the foreign exchange market.
Speaking further, 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.
Meanwhile, the naira continued to maintain its stability in the FOREX market, exchanging at an average of N356/$1 in the BDC segment of the market on Tuesday, February 19, 2019.

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