CBN boosts forex market with injection of another $210m Tuesday

The interbank window of Nigeria’s foreign exchange market on Tuesday received another boost of $210,000,000.00 from the Central Bank of Nigeria (CBN).

The Bank’s interventions on Tuesday were for the Wholesale, Small and Medium Enterprises (SMEs) and invisibles segments of the market.

According to Acting Director, Corporate Communications at the CBN, Mr. Isaac Okorafor  the Bank offered the sum of $100 million to the wholesale segment, while the SMEs and invisibles segments each received $55 million.

He reiterated that the releases were meant to boost liquidity, trade, and ease of remittances for legitimate personal commitments.

In spite of the stable rate of N360/$1 and the expected inflow from various sources such as the Eurobond and remittances from the Diaspora, Okorafor said the CBN would continue to intervene in the inter-bank forex market to guarantee liquidity.

Okorafor also noted that the interventions had largely checked unwholesome activities of currency speculators, adding that the CBN would not relent in its daily monitoring of activities in the market in order to ensure that all concerned operate in line with extant rules.

In a related development, the naira maintained its steady rate against major currencies around the globe, exchanging for N360/$1 in the BDC segment of the market on Tuesday, December 12, 2017.