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Again, CBN Boosts Forex Market Liquidity with $210m

The Central Bank of Nigeria (CBN) today supplied another sum of $210 million into various segments of the inter-bank market.

The supply came barely four days after the apex bank last Friday provided the sum of $304.4 million to the Retail Secondary Market Intervention Sales, SMIS, of the inter-bank foreign exchange market

At today’s trading, the CBN offered the sum of $100,000,000 as wholesale interventions and allocated the sum of $55 million to the Small and Medium Enterprises (SMEs) forex window.

This is even as customers requiring forex for Business/Personal Travel Allowances, tuition and medical fees, among others, equally got an allocation of $55 million.

The apex bank’s Acting Director, Corporate Communications Department, Isaac Okorafor, confirmed the sales, reiterating that the Bank would sustain its interventions in the foreign exchange market.

Okorafor also expressed optimism that the value of the naira would continue to appreciate in the face of accretion to the foreign reserves and the attendant reduction in the country’s import bill.

While also attributing the stability in the market to the Bank’s transparency and cooperation of authorized dealers, he urged all dealers to continue to play by the rule, as the CBN would not hesitate to sanction any erring bank or dealer.

At today’s trading, the naira maintained its stable run against major currencies globally, exchanging for N362/$1 in the BDC segment of the market.

 

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