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CBN Injects $195m Into Forex Market

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Ahead of the decisions of the Monetary Policy Committee (MPC) on Tuesday, Central Bank of Nigeria (CBN) on Monday boosted liquidity in various segments of the inter-bank foreign exchange market with the total of $195 million.

At the trading, CBN offered $100 million as wholesale interventions and allocated $50 million to the Small and Medium Enterprises (SMEs) forex window.

The invisibles segment, comprising Business/Personal Travel Allowances, tuition and medical fees, among others, received $45 million.

Confirming the figures, the Bank’s Acting Director, Corporate Communications, Mr Isaac Okorafor, said the Bank continued to intervene in the inter-bank sector in order to ensure adequate liquidity in the market.

According to him, the CBN Management was quite pleased with the performance of the Naira against other major currencies around the world, particularly now that the forex rates at both the inter-bank and BDC segments neared convergence.

Okorafor expressed optimism that the Bank’s intervention had put a check on the activities of speculators, just as he underscored the determination of the CBN in sustaining stability in the forex market through thorough monitoring of authorized dealers in order to reduce incidences of sharp practices.

Meanwhile, the currency maintained its steady rate against major global currencies, exchanging for N363/$1 in the BDC segment of the market on Monday.

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