CBN Injects Fresh $195m into Forex Market

In continuation of its efforts to sustain FOREX liquidity in the country, the Central Bank of Nigeria (CBN), on Tuesday, 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 Isaac Okorafor, while confirming the figures, said the CBN was pleased with the state of the Forex market.
He added that the bank would continue to intervene in order to sustain the liquidity in the market and guarantee the international exchange value of the naira.
Okorafor assured that the apex bank is determined to sustain the provision of foreign currencies with a view to ensuring liquidity in the market and enhance accessibility and affordability for genuine endusers.
Okorafor said the bank remained determined to achieve its objective of rates convergence, hence the unrelenting injection of intervention funds into the foreign exchange market.
The CBN last week intervened in the various segments of the Forex market with the sum of $698.5 million.