The Central Bank of Nigeria (CBN) on Monday boosted
the inter-bank foreign exchange market with an
additional $195m, even as the naira maintains
stability.
Exchanging at an average of N360 to $1 in the bureau
de change segments (BDC) of the market, the apex
bank says it is committed to sustaining liquidity and
achieving convergence of rates in the interbank and
BDC segments of the forex market.
Figures from Monday’s trading showed that the bank
offered $100 million for wholesale interventions and
allocated the sum of $50 million to the small and
medium enterprises (SMEs) forex window.
For the invisibles segment, customers requiring forex
for business/personal travel allowances, tuition and
medical fees, among others, got $45 million.
Confirming the figures, Isaac Okorafor, director of
corporate communications, CBN, expressed
confidence in the bank’s interventions to sustain the
naira’s value against the dollar and other major
currencies of the world.
“The market will remain very stable as long as every
player sticks to the forex guidelines,” he said.
The CBN had in early September injected $195 million
into the forex market, with an additional $308.5 million
introduced at the end of the same month.
TheCable
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