Abuja – The Central Bank of Nigeria (CBN), in continuation of it’s efforts to sustain FOREX liquidity in the country, on Monday, October 9, 2017, intervened in the inter-bank Foreign Exchange Market to the tune of $195million.
Figures released by the Bank show that it offered the total sum of $100million to the wholesale segment, while the Small and Medium 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.
The Acting Director, Corporate Communications Department at the Bank, Mr. Isaac Okorafor, while confirming the figures, said the injection was in line with the CBN’s pledge of making the Forex market liquid.
Mr. Okorafor reiterated the apex Bank’s determination to sustain the provision of foreign exchange with a view to ensuring liquidity in the market and enhance accessibility and affordability for genuine end users.
According to him, the Bank remained determined to achieve its objective of rates convergence, hence the unrelenting injection of intervention funds into the foreign exchange market.
He urged Deposit Money 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.
It will be recalled that the CBN last week Tuesday, October 3, 2017, intervened in the various inter-bank Foreign Exchange Market with the some of $195million.
The CBN in the last six months had intervened in the foreign exchange market to the tune of about $10 billion.
Meanwhile, the naira continued to maintain its stability in the FOREX market, exchanging at an average of N363/$1 in the BDC segment of the market on Monday, October 9, 2017.