The Central Bank of Nigeria (CBN) on Tuesday intervened in the inter-bank segment of the Foreign Exchange (Forex) market with the injection of $210 million into three segments of the market.
Specifically, the bank offered the sum of $100 million to dealers in the wholesale window, while those in the Small and Medium Enterprises (SMEs) window received an allocation of $55 million.
Also, the invisibles segment, comprising Business/Personal Travel Allowances, school tuition, medicals, etc., was also allocated the sum of $55 million.
The apex bank’s spokesman, Isaac Okorafor, who gave these details in a statement explained that the Bank would continue to intervened in the market as the country’s foreign reserves have been reflecting upswing trend in the past weeks, bringing the figure to about $42billion.
Okorafor stated further that the Bank’s forex management strategy was yielding the desired results and assured that the apex bank would continue to sustain its activities in the market in order to maintain naira exchange rate stability and liquidity of forex in the market.
Speaking on the goal of convergence between the rates at the inter-bank and Bureau de Change (BDC) segments, the spokesperson of the banking sector regulatory institution said that the bank was working hard to achieve the objective and expressed belief that the rates in both markets would eventually merge in due course.
Meanwhile, the naira maintained its stability in the Forex market yesterday, exchanging at an average of N360/$1 in the BDC segment of the market