Eid-el-Kabir: CBN injects $547m into Forex market this week
Central Bank of Nigeria, (CBN), has given the Nigerian currency, the Naira, another big boost on Thursday, through the injection of $297m into the Retail Secondary Market Intervention Sales (SMIS) segment of the Foreign Exchange (Forex) market.
This has, therefore, raised the total intervention for the week to the sum of $547m in view of the Eid-el-Kabir celebration taking place Friday.
Confirming the figures, the Acting Director, Corporate Communications Director, Mr. Isaac Okorafor, said that the apex bank was resolute in its determination to intervene in the forex market with the aim of uplifting the naira exchange rate, boost liquidity in the forex market; and ensure timely execution and settlement for eligible transactions.
Okoroafor also expressed confidence that the interventions would continue to guarantee stability in the market; and ensure availability of the fund to individuals and business concerns with genuine demand for Forex transactions.
The Daily Times recalls that on Monday, the CBN intervened in the Inter-Bank Forex Market to the tune of $195m in three segments of the market.
In the wholesale segment of the inter-bank Foreign Exchange market, it sold $100m and also uplifted the Small and Medium Enterprises (SMEs) and invisible segments, with the sum of $50m and $45m, respectively.
Okorafor, while responding to media enquiries earlier in the week, had hinted that the apex bank would increase liquidity in the market in the coming days, adding that the move by the CBN, was necessary to enhance stability in the FX market.
