Forex: CBN makes first intervention of 2019

The Central Bank of Nigeria (CBN) on Friday, January 4, 2019, made its first intervention in the inter-bank sector of the Foreign Exchange market for 2019 with a total sum of $210 million injected into the wholesale segment and other sectors of the market. A breakdown of the figures obtained from the CBN on Friday showed that customers in the Wholesale sector of the market received the sum of $100 million with the Small and Medium Enterprises (SMEs) and invisibles sectors each getting $55 million to meet the needs of customers. The Bank’s Director in charge of Corporate Communications, Mr. Isaac Okorafor, said the CBN continued from where it stopped in 2018 in order to maintain the stability  being enjoyed in the market. 

While noting that the Bank had made commendable effort in keeping the exchange rates at the current levels, Okorafor reechoed the Bank’s Governor, Mr. Godwin Emefiele saying that the current capital flow reversals from the emerging markets were expected to bring out pressures on the market rates.  He, however, assured that, in spite of the anticipated pressures, coupled with the forthcoming elections, the Bank was committed to maintaining the current exchange rate policy, given the level of reserves. 

Quoting the Governor, Mr. Okorafor said that the CBN was determined to sustain a stable exchange rate as it continues to put in place relevant measures to shore up the country’s reserves.  Meanwhile, one United States Dollar (US$1) exchanged for N357 in the Bureau De Change (BDC) segment of the market on Friday, January 4, 2019.