CBN To Sustain Forex Intervention

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  The Central Bank of Nigeria has vowed to sustain its intervention in the foreign exchange market to ensure liquidity in the financial sector of the country. CBN’s Acting Director, Corporate Communications,, Isaac Okorafor, Sunday, in Abuja, stated that the apex bank is determined to make forex available to genuine users. “In its avowed determination to ensure ample supply of foreign exchange liquidity in the market, the Central Bank of Nigeria on Friday, 7th of April, 2017 auctioned the sum of $418m at a marginal rate of N310/$. “This was in addition to the sum of $350m sold as wholesale auction during the week. In the weeks ahead, the CBN will sustain its intervention through the sale of foreign exchange to all segments of the market”, he said. Okorafor said CBN would sell short-tenured forwards of seven-day to 30-day maturity to meet the demand of manufacturers and all other foreign exchange users. He added that the intervention was part of measures to achieve exchange rate stability in the financial market.  
  • Bola Kougbe
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