CBN Boosts Forex Market With Another $210m
The Central Bank of Nigeria (CBN) on Tuesday boosted the inter-bank window of Nigeria’s Foreign Exchange market with another $210 million
Figures from the apex bank indicated that the December 12, 2017 interventions went into the Wholesale, Small and Medium Enterprises (SMEs) and invisibles segments of the market.
According to the CBN’s Acting Director, Corporate Communications, Mr. Isaac Okorafor, the apex bank offered $100 million to the wholesale segment with $55 million each going to the SMEs and invisibles segments respectively.
He explained that the releases were aimed at boosting liquidity, trade and ease of remittances for legitimate personal commitments.
The Spokesman said despite the stable rate of N360/$1 and the expected inflow from various sources such as the Eurobond and remittances from the Diaspora, the apex bank would continue to intervene in the inter-bank forex market to guarantee liquidity.
He also said the interventions had basically checked noxious activities of currency speculators, warning that the CBN would not relent in its daily monitoring of activities in the market to ensure all concerned operate within the confines of extant rules.
In the meantime, the Naira sustained its steady rate against major global currencies, exchanging for N360/$1 in the BDC segment of the market as at Tuesday, December 12, 2017
