CBN injects $195m into Forex market

The Central Bank of Nigeria (CBN), on Monday, continued its intervention in the inter-bank Foreign Exchange (FOREX) market with the injection of $195million .

Figures released by the bank indicated that it offered the total sum of $100m to the wholesale segment, while the Small and Medium Enterprises (SMEs) segment received the sum of $50 m. The invisibles’ segment, comprising tuition fees, medical payments and Basic Travel Allowance (BTA), among others, received $45m.

Confirming the figures, the Bank’s Acting Director, Corporate Communications Department, Mr. Isaac Okorafor,said that the injection was in line with the CBN’s pledge of making the Forex market liquid.

Okorafor reiterated that the bank remained determined to achieving its objective of rates convergence, hence the consistent intervention in the foreign exchange market.

He urged Deposit Money Banks to only honour requests from customers with genuine needs, noting that the bank does not intend to falter in its pledge to ensure liquidity in the forex market.

Meanwhile, the naira continued to maintain its stability in the FOREX market, exchanging at an average of N363/$1 in the BDC segment of the market on Monday, October 9, 2017.