CBN boosts Forex supply with $195m

The Central Bank of Nigeria(CBN) has intervened in the inter-bank Foreign Exchange (Forex) Market with the injection of another $195 million.

Figures released by the apex bank on Tuesday, indicated that it offered a total sum of $100m to the Wholesale segment, while the Small and Medium Enterprises (SMEs) segment received the sum of $50m.

The invisibles’ segment, comprising tuition, medical payments and Basic Travel Allowance (BTA) received $45m.

The Central Bank’s Acting Director, Corporate Communications Department, Mr. Isaac Okorafor confirmed the figures, noting that the intervention was in line with the CBN’s commitment to continue to ensure FOREX liquidity and meet legitimate demand.

Okorafor maintained that the CBN would continue to intervene in the nation’s FOREX Market in order to sustain the liquidity in the market and guarantee the international value of the Naira.

Meanwhile, the Naira exchanged at an average of N360/$1 in the BDC segment of the market on Tuesday, November 7, 2017, maintaining its stability in the FOREX market.
Buoyed by the recent rising crude oil prices, which now notched to $62 dollars per barrel, the CBNhas been using part of the attendant accrual revenue to enhance FOREX.

Mathew Dadiya, Abuja