Economy

Forex: CBN Boosts Forex Supply With $195m

In keeping with its resolve to ensure convergence of the parallel and official exchange rates in the country, as well as exchange stability, the Central Bank of Nigeria (CBN), on Tuesday, announced yet another $195m intervention in the inter-bank Foreign Exchange Market.
The bank offered a total of $100m to players in the Wholesale segment of the market, the Small and Medium Enterprises (SMEs) segment received the sum of $50m, while the invisibles segment, comprising tuition, medical payments and Basic Travel Allowance (BTA) received $45m.
CBN’s Acting Director, Corporate Communications Department, Isaac Okorafor confirmed the figures, noting that the intervention was in line with the commitment to continue ensuring foreign exchange liquidity and meet legitimate demand.
Okorafor assured that the CBN will continue to intervene in the nation’s FOREX Market in order to sustain the liquidity in the market and guarantee the international value of the Naira.
Meanwhile, the Naira is still exchanging at an average of N360/$1 in the BDC segment of the market on Tuesday, November 7, 2017, maintaining its stability in the FOREX market.

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