Forex: CBN buoys market with $210m

The Central Bank of Nigeria (CBN) has made a fresh injection of $210 million into the inter-bank foreign exchange market in its determination to boost supply in that sector of the market. Figures released by the Bank on Tuesday, February 19, 2019, indicated that it offered the total sum of $100million to the wholesale segment, while the Small and Medium Enterprises (SMEs) segment received the sum of $55 million. The invisibles segment, comprising tuition fees, medical payments and Basic Travel Allowance (BTA), among others, also received $55 million. 

The Director, Corporate Communications at the Bank, Mr. Isaac Okorafor, said the CBN was very pleased with the stability of the Forex market, adding that the Bank will continue to intervene in order to ensure the liquidity in the market. According to him, having virtually achieved the objective of rates convergence, the Bank was committed to sustaining the gains recorded in the foreign exchange market. 

Speaking further, Okorafor expressed optimism that the Naira will sustain its run against the dollar and other major currencies around the world, considering the level of transparency in the market. Meanwhile, the Naira continued to maintain its stability in the FOREX market, exchanging at an average of N356/$1 in the BDC segment of the market on Tuesday, February 19, 2019.