The Central Bank of Nigeria (CBN) on Tuesday, October 3, 2017, intervened in the inter-bank Foreign Exchange Market to the tune of $195m, in what it said is in continuation of its efforts to sustain FOREX liquidity in the country.
A breakdown of the figure showed that $100m was offered through the wholesale segment; the Small and Medium Enterprises (SMEs) segment received the sum of $50m; while the invisibles segment, comprising tuition fees, medical payments and Basic Travel Allowance (BTA), among others, received $45m.
Isaac Okorafor, the CBN’s Acting Director, Corporate Communications Department, while confirming the figures, said the apex bank was pleased with the state of the Forex market, adding that the Bank will continue to intervene in order to sustain the liquidity in the market and guarantee the international value of the naira.
He reiterated the bank’s determination to sustain the provision of foreign exchange with a view to ensuring liquidity in the market and enhance accessibility and affordability for genuine end users.
According to him, the CBN remained determined to achieve its objective of rates convergence, hence the unrelenting injection of intervention funds into the foreign exchange market.
It will be recalled that the CBN last week intervened in the various segments of the Forex market with the sum of $698.5 million.
Meanwhile, the naira continued to maintain its stability in the FOREX market, exchanging at an average of N364/$1 in the BDC segment of the market on Tuesday, October 3, 2017.