With the resumption of business after the Christmas and Boxing Day festivities, the Central Bank of Nigeria (CBN) on Thursday, December 27, 2018, intervened in the inter-bank sector of the Foreign Exchange market, injecting $210m in the wholesale segment and other sectors of the market.
Figures released by the bank shows that the Wholesale sector got a further $100m, while the Small and Medium Enterprises (SMEs) and invisibles sectors each received $55m apiece.
A statement by the bank quoted Isaac Okorafor, Director, Corporate Communications Department at the CBN, said the latest intervention was in line with CBN’s resolve. It was part of efforts to sustain the high level of stability in the Forex market and continually ease access to the currency by customers in the different sectors.
While lauding actors in various sectors of the forex market for the level of stability, in spite of activities of speculators, Okorafor assured that the CBN was ready to play its interventionist role in the market.
It will be recalled that the CBN in its last interventions earlier in December 2018, injected the sum of $299.82m and CNY 143.6m into the Retail Secondary Market Intervention Sales (SMIS).
Meanwhile, US$1 exchanged for N360 in the Bureau De Change (BDC) segment of the market on Thursday, December 27, 2018.