The interbank window of Nigeria’s Foreign Exchange market on Tuesday, December 12, 2017, received yet another boost of $210m from the Central Bank of Nigeria (CBN).
Details of Tuesday’s interventions showed that $100m was ploughed into meeting demands from wholesale clients, while the Small and Medium scale Enterprises and invisibles segments of the market each received the sum of $55m.
Acting Director, Corporate Communications at the CBN, Isaac Okorafor, who disclosed this, reiterated that the releases were meant to boost liquidity, trade and ease of remittances for legitimate personal commitments.
Notwithstanding the stable rate of N360/$1 and the expected inflow from various sources such as the Eurobond and remittances from the Diaspora, Okorafor said the CBN would continue to intervene in the inter-bank forex market to guarantee liquidity.
He expressed satisfaction that the interventions had largely achieved the apex bank’s aim of checking unwholesome activities of currency speculators, assuring that the CBN would not relent in its daily monitoring of activities in the market thereby ensuring that all concerned operate in line with extant rules.
Meanwhile, the Naira maintained its steady rate against major currencies around the globe, exchanging for N360/$1 in the BDC segment of the market on Tuesday, December 12, 2017.