Economy

CBN Boosts Nigeria’s FX Market stability With Another $195m

The Central Bank of Nigeria (CBN) on Monday, October 23, 2017 announced the injection of yet another $195m into the inter-bank Foreign Exchange Market, just like last week, as part of its resolve to sustain the intervention and help to stabilize the Naira against other major global currency.
A breakdown showed that the CBN offered $100m to authorized dealers in the wholesale segment of the market, while the Small and Medium Enterprises (SMEs) segment got $50m, while invisibles such as tuition fees, medical payments and Basic Travel Allowance (BTA), among others, received $45m.
A statement by the Acting Director in charge of Corporate Communications, Isaac Okorafor, while confirming the figures, expressed the CBN’s confidence at “the level of transparency it had entrenched in the market would help the Naira to sustain its steady run against the dollar and other major currencies around the world.”
According to him, “the market will remain very stable as long as every player sticks to the forex guidelines.”
It will be recalled that the CBN last week intervened in the various segments of the Forex market with the sum of $195m.
Meanwhile, the naira continued to maintain its stability in the FOREX market, exchanging at an average of N360/$1 in the BDC segment of the market on Monday, October 23, 2017.

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