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CBN increases forex supply with $195m

The Central Bank of Nigeria (CBN) has intervened in inter-bank Foreign Exchange Market with the supply of 195 million dollars in its continuous effort to stabilise the market.

Acting Director, Corporate Communications of CBN, Mr Isaac Okorafor, in a statement on Monday, said that 100 million dollars was offered through the wholesale segment.

Okorafor said that Small and Medium Enterprises (SMEs) segment received 50 million dollars, while tuition fees, medical payments and Basic Travel Allowance (BTA), among others, got 45 million dollars.

He said that the CBN was pleased with the state of the market, and assured that the bank would continue to intervene in order to sustain liquidity in the market and guarantee international value of the naira.

He said that the apex bank remained determined to achieve its objective of rates convergence, “hence the unrelenting injection of intervention funds into the foreign exchange market’’.

Okorafor expressed optimism that the naira would sustain its run against the dollar and other major currencies around the world, considering the level of transparency in the market.

He urged stakeholders to abide by the guidelines to ensure transparency in the market.

CBN had last week intervened in the various segments of the foreign exchange market with the injection of 396.8 million dollars.

The naira has continued to maintain its stability in the market, exchanging at an average of N364 to a dollar in the parallel market.

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