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CBN Committed To FX Rate Convergence, Says Okoroafor

• Injects $81.2m To Invisibles, SMEs segments

Isaac Okorafor, Acting Director, Corporate Communications at the Central Bank of Nigeria (CBN), on Monday reiterated its management’s resolve to ensuring rate convergence in the country’s foreign exchange market.
In a statement on Monday, which announced a further injection of $81.2m into the invisibles and Small and Medium Enterprises (SMEs) segments of the nation’s forex market, he said the sustained intervention is part of “ensuring that there is enough supply of forex to genuine customers to achieve the goal of forex rates convergence”.
Monday’s intervention followed last Friday’s injection of $389m into the retail segment of the forex market.
A breakdown on Monday’s offer shows that $44m was earmarked for customers under the invisibles category to demands such as Basic Travel Allowances (BTA), Personal Travel Allowances (PTA), medical bills and tuition fees, among others, while the SMEs segment received $37.2m.
While expressing satisfaction with the current stability in the forex market, Okorafor reiterated confidence in the ability of the CBN to sustain its interventions in the market.
It will be recalled that of $389m sold by the CBN last Friday to authorized dealers in the retail sector of the market as spot and forwards, $87.885m was for spot sales, while forwards in three tenors of 30, 45 and 60 days respectively, got $300.8m.

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