Banking

Again, CBN Boosts Forex Market With $210m

Again, CBN Boosts Forex Market With $210m

The Central Bank of Nigeria (CBN) today supplied the interbank window of nation’s forex market with another $210,000,000.00.

According to figures obtained from the Bank, the forex interventions were for the Wholesale, Small and Medium Enterprises (SMEs) and invisibles segments of the market.

The Acting Director, Corporate Communications of the apex bank, Mr. Isaac Okorafor, explained that the Bank offered the sum of $100 million to the wholesale segment, while the SMEs and invisibles segments each received the sum of $55 million.

He reiterated that the releases were meant to boost liquidity, trade and ease of remittances for legitimate personal commitments.

Okorafor said that in spite of the stable rate of N360/$1 and the expected inflow from various sources such as the Eurobond and remittances from the Diaspora, the Bank would continue to intervene in the inter-bank forex market to guarantee liquidity.

While also noting that the interventions had largely checked unwholesome activities of currency speculators, he said that the CBN would sustain its daily monitoring of activities in the market in order to ensure that all concerned operate in line with extant rules.

Meanwhile, the naira maintained its steady rate against major currencies globally today, exchanging for N360/$1 in the BDC segment of the market.

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