Economy

Stronger Naira: FX Market Gets Further $195m CBN Life-line

As part of its continued efforts to stabilise and then enhance the value of the Naira against other global currencies, the Central Bank of Nigeria (CBN) said on Monday it has intervene with the supply of $195m into various segments of the nation’s foreign exchange market.
As part of the intervention, which is also to ensure liquidity and accessibility to the greenback by customers who require it for genuine purposes, the apex bank offered the sum of $100m to authorized dealers in the wholesale window, just as the Small and Medium Enterprises (SMEs) window got $50m, the balance of $45m went to those seeking forex for invisibles such as BTA/PTA, tuition and medical bills, among others.
It will be recalled that the CBN in the last round of forex intervention in the inter-bank market on June 28, 2017, injected a total sum of $195 million to the wholesale, SMEs and invisibles segments of the market.
Meanwhile, a survey of markets in the Bureau de Change segment (BDCs) in Lagos, Abuja, Port-Harcourt and Kano, on Monday, July 3, 2017, showed that the naira exchanged at an average of N360/$1 in the BDC segment of the market.

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