BrandArena: CBN Injects Another $413.5m Into Forex Market

Tuesday, 13 June 2017

CBN Injects Another $413.5m Into Forex Market

The Central Bank of Nigeria (CBN) has intervened in the Foreign Exchange market to the tune of $413.5 million to further underscore its resolve to guarantee liquidity in the market and shore up the international value of the Naira.

Detailing the breakdown of the latest round of intervention on Monday, June 12, Acting Director in charge of Corporate Communications at CBN, Mr. Isaac Okorafor, stated that the CBN offered $100 million to dealers in the wholesale window, while the Small and Medium Enterprises (SMEs) window was allocated a total of $28 million. The invisibles segment was allocated the sum of $25.5 million to meet the needs of those requiring forex for Business/Personal Travel Allowances, school tuition, medicals, etc.

According to him, the bank also released the figures for the auction sales in the retail window last week, totaling $260million.

He maintained that the bank was optimistic that the Naira will continue its strong run against the dollar and other major currencies around the world, considering that transparency in the market has ensured greater stability.

He also charged all dealers, principally licensed Bureaux De Change (BDCs), to abide by the rule, for the sake of the economy.

As at Monday, June 12 forex exchange rate was averagely N362/$1 in the BDC segment of the market.

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