CBN pumps $195m into forex market

CBN Policies Yielding Fruits as Foreign Reserves Rise

The Central Bank of Nigeria (CBN) yesterday injected $195 million into the inter-bank Foreign Exchange Market.

The excercise was in line with the its plan to boost forex liquidity in the market even as the naira maintains its strength.

Figures released by the CBN show that it offered the total sum of $100 million to the Wholesale segment, while the Small and Medium Enterprises (SMEs) segment received the sum of $50 million. The invisibles segment comprising tuition, medical payments and Basic Travel Allowance (BTA) received $45 million.

The bank’s Acting Director, Corporate Communications Department, Isaac Okorafor, said that the intervention is in line with the CBN’s continual determination to ensure forex liquidity and satisfy legitimate demand.

Okorafor assured that the bank will continue to intervene in the nation’s forex market in order to sustain the liquidity in the market and guarantee the international value of the Naira.

Meanwhile, the naira exchanged at an average of N363/$1 in the bureau de change segment of the market on Monday, November 13, 2017, maintaining its stability in the forex market.


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About EZEKIEL ENEJETA 3328 Articles
Ezekiel Enejeta is a graduate of mass communication and a passionate journalist, his flair for writing has led him into pursuing a career in news reporting. He currently serve as the editor of Financial Watch. He can be contacted via phone call at 08141171945

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