As the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) commenced its last meeting for 2017, the Bank on Monday, November 20, 2017, intervened in the inter-bank Foreign Exchange Market to the tune of $210m.
Figures obtained from the CBN showed that the interventions were in the Wholesale, Small and Medium Enterprises (SMEs) and invisibles windows.
Confirming the figures, the Acting Director, Corporate Communications at the CBN, Isaac Okorafor said a total of $100m was offered to the wholesale segment; while the SMEs segment got $55m.
The remaining $55m went for the invisibles segment, comprising tuition fees, medical payments and Basic Travel Allowance (BTA), among others, as part of the determination to boost liquidity, trade and ease of remittances for legitimate personal commitments.
Okorafor expressed the CBN’s pleasure with the Naira’s exchange rate of N360/$1, noting that the continued intervention by the CBN in the inter-bank forex market had largely checked unwholesome activities of currency speculators.
He however reiterated an earlier warning that the CBN would not relent in its monitoring of the market to ensure that authorised dealers abide by the extant rules.
It will be recalled that the CBN in its last outing, intervened in the inter-bank Foreign Exchange Market with the total sum of $195m.
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 Monday, November 20, 2017.