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CBN Boosts Forex Market’s Inter-Bank Segment With N210m

The Central Bank of Nigeria (CBN) on Tuesday supplied the inter-bank sector of the Foreign Exchange market with $210 million.

The monetary measure is part of the apex bank’s sustained efforts to improve liquidity in the market and by implication, ensure exchange rate stability for the national currency.

Figures obtained from the Bank on the intervention indicated that the Wholesale sector of the market got a boost of $100 million, while the Small and Medium Enterprises (SMEs) and invisibles sectors were each offered $55 million.

The Acting Director, Corporate Communications Department at the Bank, Isaac Okorafor, confirmed that the interventions were in continuation of the Bank’s commitment to maintain stability in the market as well as enhance production and trade.

Okorafor stated the monetary regulator was pleased with the cooperation by players in the inter-bank market which he noted had enjoyed some stability and seamless access of customers to foreign exchange following regular interventions by the CBN.

The apex bank’s spokesperson expressed optimism that the first Monetary Policy meeting (MPC) of the CBN billed for early next month would further enhance the monetary policy activities of the Bank.

He urged Nigerians to remain optimistic about the economic outlook for 2018, stressing that the CBN remained people-centred.

It would be recalled that the CBN had last Friday also intervened in the Forex market by injecting the sum of $339.89 million in the Retail Secondary Market Intervention Sales (SMIS).

Meanwhile, the naira on Tuesday exchanged at N360/$1 in the Bureau De Change (BDC) segment of the market

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