CBN Pumps $195m Into Forex Market

The Central Bank of Nigeria, CBN, has released $195 million into inter-bank Foreign Exchange Market as a way of stabilising the market. The acting Director, Corporate Communications of the apex bank, Mr Isaac Okorafor, said in a statement on Monday that $100 million was offered through the wholesale segment.

He said that Small and Medium Enterprises (SMEs) segment received $50 million, while tuition fees, medical payments and Basic Travel Allowance (BTA), among others, got $45 million.

Okorafor said that the CBN was pleased with the state of the market, and gave the assurance that the bank would continue to intervene in order to sustain liquidity in the market and guarantee international value of the naira.

He said the apex bank remained determined to achieve its objective of rates convergence, “hence the unrelenting injection of intervention funds into the foreign exchange market’’.

Okorafor expressed optimism that the naira would sustain its run against the dollar and other major currencies around the world, considering the level of transparency in the market.

He, therefore, advised stakeholders to abide by the guidelines to ensure transparency in the market.

Last week, the CBN intervened in the various segments of the foreign exchange market with the injection of $396.8 million.

Meanwhile, the naira continued to maintain its stability in the market, exchanging at an average of N364 to a dollar in the Bureau de Change segment of the market.

(NAN)

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