Again, CBN Injects $195m into Forex Market

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  • Again, CBN Injects $195m into Forex Market

The Central Bank of Nigeria (CBN) on Monday continued its intervention in the interbank foreign exchange (forex) market with the injection of $195 million.

Figures released by the central bank showed that it offered the total sum of $100 million to the wholesale segment, while the small and medium scale enterprises (SMEs) segment received the sum of $50 million.

The invisibles segment, comprising tuition fees, medical payments and Basic Travel Allowance (BTA), among others, received $45 million.

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

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

He urged 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 Bureau De Change (BDC) segment of the market on Monday, October 9, 2017.

About the Author

Samed Olukoya
Samed Olukoya is the CEO/Founder of investorsking.com, a digital business media, with over 10 years' experience as a foreign exchange research analyst and trader. A graduate of University of East London, U.K. and a vivid financial markets analyst.

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