CBN Injects $210m Into Forex Market
BY COBHAM NSA, ABUJA – As the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN), commenced its last meeting for 2017, the apex Bank on Monday again moved to intervene in the inter-bank Foreign Exchange Market to the tune of $210 million.
Figures obtained from the Bank indicate that the interventions were in the Wholesale, Small and Medium Enterprises (SMEs), and invisibles windows.
Confirming the figures, the Acting Director, Corporate Communications at the CBN, Mr. Isaac Okorafor said the Bank offered $100million to the wholesale segment, while the SMEs segment received $55 million.
He said the invisibles segment, comprising tuition fees, medical payments and Basic Travel Allowance (BTA), among others, also received an allocation of $55 million.
Okorafor also said the releases were aimed at boosting liquidity, trade and ease of remittances for legitimate personal commitments.
According to him; “The Bank was quite pleased with the rate of N360/$1. The continued intervention by the CBN in the inter-bank forex market had largely checked unwholesome activities of currency speculators.
“The CBN would not relent in its monitoring of the market in order to ensure that authorised dealers abide by the extant rules.”
The CBN in its last intervention outing, intervened in the inter-bank Foreign Exchange Market with the total sum of $195,000,000.
Meanwhile, the naira maintained its steady rate against major currencies around the globe as it exchanges for N360/$1 in the BDC segment of the market on Monday, November 20, 2017.
