CBN’s forex supply rises to $390m one week

The foreign exchange supply by the Central Bank of Nigeria (CBN) interbank foreign exchange market on Monday rose to $195 million, with the naira exchanged at 363 against the United States dollar.
It would be recalled that the CBN on Tuesday, last week, intervened in the interbank forex market with the sale of $195 million.
According to the CBN figures, the apex bank offered $100 million to the wholesale segment, while the Small and Medium Enterprises segment received $50 million.
The invisibles segment, comprising tuition fees, medical payments and Basic Travel Allowance, among others, received $45 million.
The Acting Director, Corporate Communications Department, Mr. Isaac Okorafor, said in a statement that 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 Deposit Money Banks to only honour requests from customers with genuine needs, saying the bank “does not intend to falter in its pledge to ensure liquidity in the forex market.”
The naira recorded a marginal gain on Wednesday, last week, closing at 363 per dollar from 364/dollar the previous day.