Forex: CBN Boosts Naira with $482.6m


…Thrills for Retail SMIS, Wholesale segment, SMEs  –  

Coming off the low-keyed May 29 Democracy Day celebrations, the Central Bank of Nigeria (CBN) on Tuesday, May 30, 2017, intervened in the inter-bank market with about $482.6 million to underline its resolve to guard the international value of the Naira.

Being the first trading day after the May 29 holiday, a breakdown of the apex bank’s interventions shows the Retail SMIS was allocated the sum of $285,779,350 with $100 million going to the Wholesale SMIS auction window.

Similarly, the Small, Medium and Enterprises (SMEs) window received an allocation of $52 million, while the invisibles segment, consisting of Personal Travel Allowance (PTA), Basic Travel Allowance (BTA), medicals and tuition fees, among others got a princely sum of $45 million.

CBN’s Acting Director, Corporate Communications, Isaac Okorafor said the interventions are in line with the apex Bank’s determination that was echoed by the Governor, Godwin Emefiele, at last week’s Monetary Policy Committee (MPC) meeting’s briefing.

Okorafor said it was heartwarming the CBN’s intervention has continued to ensure stability across all segments of the forex market, adding that the apex Bank pursuing the exchange rate convergence with vigour, this objective would be achieved soon.

The CBN’s spokesperson however restated his plea for all stakeholders to play their respective roles in ensuring smooth operations of the foreign exchange market for the overall benefit of the economy.

As at close of business on Tuesday, May 30, 2017, a review of market activities in Lagos, Port Harcourt, Kano and Abuja, showed that the Naira traded to the dollar at an average rate of N375/$1.

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