Business
THE Central Bank of Nigeria, CBN, in continuation of its FOREX supply drive, on Monday, July 17, 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.
Confirming the figures obtained, Isaac Okorafor, CBN acting director, Communications, said the bank was pleased with the state of the Forex market, adding that it will continue to intervene in order to sustain the liquidity in the market and guarantee the international value of the naira.
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.
Also, 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. He therefore advised stakeholders to abide by the guidelines to ensure transparency in the market.
It will be recalled that the CBN last week intervened in the various segments of the Forex market with the sum of $396.8 million.
Meanwhile, the naira continued to maintain its stability in the FOREX market, exchanging at an average of N364/$1 in the BDC segment of the market on Monday, July 17.
– July 17, 2017 @ 7:35 GMT /
Tags: Central Bank of Nigeria Isaac Okorafor
