CBN Injects $364m Into Inter-bank FX Market

interbank
  • CBN Injects $364m Into Inter-bank FX Market

The Central Bank of Nigeria has intervened in the Inter-Bank market to the tune of $364m to sustain liquidity in the foreign exchange market.

Mr Isaac Okorafor, the Acting Director of Corporate Communications Department, CBN said this in a statement on Tuesday in Abuja.

Okorafor said the Retail Secondary Market Intervention Sales received the largest allocation of about $264.1m.

He said the CBN also offered $100m to authorised dealers in the wholesale window.

“The CBN also received requests from authorised Forex dealers on behalf of their customers, for which results will be released.

“The bank remains committed to achieving a convergence of rates at the inter-bank and Bureau-de-Change segments of the market,” he said.

The apex bank had recently intervened in the wholesale, Small and Medium Enterprises and invisible windows to the tune of $195m.

Meanwhile, the CBN said payment for port charges to the Nigerian Ports Authority and other agencies by oil marketing companies could now be accommodated by the bank using Form ‘A’.

A circular by the Director, Trade and Exchange Department, Wuritka Gotring, directed authorised dealers to accept the request for the payments of port charges from oil marketing companies.

“Such request should be forwarded to the CBN Forex window,” the circular stated.

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.

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