Economy

FX Stability: CBN’ll Sustain Interbank Intervention, Says Okorafor

Notwithstanding recent declines in the nation’s foreign reserves, Isaac Okorafor, Acting Director, Corporate Communications Department (CCD) of the Central Bank of Nigeria (CBN), on Tuesday reassured the public of plans to sustain the ongoing intervention in the interbank foreign exchange market.
In a statement announcing the injection of another $210m into the inter-bank Foreign Exchange Market, he said, the continued intervention is in line with its desire to sustain liquidity in the market and maintain stability of the Naira against other currencies.
Ultimately, he said the move will continue to ensure that forex is available for customers’ needs in various segments of the market.
A breakdown of the Tuesday, August 28, 2018, intervention showed that the apex bank offered $100m to authorized dealers in the wholesale segment of the market, while the Small and Medium Enterprises (SMEs) segment received $55m.
Customers requiring foreign exchange for invisibles such as tuition fees, medical payments and Basic Travel Allowance (BTA), among others, were also allocated another $55m.
Tuesday’s intervention followed that of Thursday, August 23 and Friday, August 24, 2018, when a total of $543.22m and CNY63.21m were injected into the inter-bank foreign exchange market.
Meanwhile, the Naira continued its stability in the FOREX market, exchanging at an average of N361/$1 in the BDC segment of the market on Tuesday, August 28, 2018.

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