The Central Bank of Nigeria (CBN) on Friday, January 4, 2019, made its first intervention in the inter-bank sector of the Foreign Exchange market for 2019, injecting a total sum of $210m into the wholesale segment and other sectors of the market.
A breakdown of the figures obtained on Friday showed that customers in the Wholesale sector of the market received the sum of $100 million with the Small and Medium Enterprises (SMEs) and invisibles sectors each getting $55m to meet the needs of customers.
Commenting, Isaac Okorafor, Director of Corporate Communications, said the CBN continued from where it stopped in 2018 so as to maintain the stability already being enjoyed in the market.
The CBN, he noted, had made commendable effort in keeping the exchange rates at the current levels, re-echoing the statement by Godwin Emefiele, the CBN Governor, that the current capital flow reversals from the emerging markets were expected to bring out pressures on the market rates.
He however assured that in spite of the anticipated pressures and the forthcoming elections, the CBN was committed to maintaining the current exchange rate policy, given the level of reserves.
Quoting the Governor, Okorafor said that the CBN was determined to sustain a stable exchange rate as it continues to put in place relevant measures to shore up the country’s reserves.
Meanwhile, US$1 exchanged for N357 in the Bureau De Change (BDC) segment of the market on Friday, January 4, 2019.
