CBN injects $195m into Forex Market

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CBN Gov. Emefiele

The Central Bank of Nigeria (CBN) on Monday injected a total sum of $195 million into the interbank foreign (forex) market to meet the requests of customers in the various segments of the market.

This followed its intervention in the interbank forex market, last week, to the tune of over $800 million.

A breakdown of the intervention revealed that the bank offered the sum of $100 million to authorised dealers interbank wholesale window, while it allocated the sum of $50 million to the Small and Medium Enterprises (SMEs) window.

The invisibles segment was allocated the sum of $45 million to meet the needs of those who applied for Forex to settle Business/Personal Travel Allowances, school tuition, and medicals, etc.

Confirming the figures in the latest round of intervention by the Bank, its Acting Director in charge of Corporate Communications, Mr. Isaac Okorafor, in a statement, also announced a retail option submitted yesterday, adding that the results would be released subsequently.

The CBN spokesperson said the bank would continue to ensure adherence to its forex policy by insisting on transparency of all stakeholders to guarantee stability in the market.
Meanwhile, the naira continued to maintain its stability in the forex market, exchanging at an average of N364/$1 in the BDC and parallel market segments respectively.

The CBN disclosed last week that cumulative transactions on the new Investors and Exporters’ (I&E) window which was created in April has risen to $2.2 billion, from about $1 billion last month.

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