Following its intervention in the inter-bank Foreign Exchange Market last week to the tune of over $800 million, the Central Bank of Nigeria (CBN) on Monday injected $195 million into the inter-bank foreign exchange market to meet the requests of customers in the various segments of the market.

A breakdown of the intervention revealed that the bank offered $100 million to authorised dealers interbank wholesale window, while it allocated $50 million to the Small and Medium Enterprises (SMEs) window. The invisibles segment was allocated $45 million to meet the needs of those who applied for foreign exchange 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 also announced a retail option submitted on Monday, adding that the results would be released subsequently.

The CBN spokesperson said the Bank would continue to ensure adherence to its foreign exchange policy by insisting on transparency of all stakeholders to guarantee stability in the market.

CBN made two major interventions in the inter-bank foreign exchange market, last week, totaling $831.5 million, just as figures released by the Apex Bank indicated that it had boosted transactions at the Investors’ and Exporters’ (I&E) segment of the market to the tune of $2.2 billion.

Also last week, the CBN, in a bid to tackle inflation, unveiled plans to mop up N200.322 billion from the Nigerian banking system through a special Open Market Operation (OMO) at the rate of 16 per cent per annum.

Meanwhile, the naira continued to maintain its stability in the foreign exchange market, exchanging at an average of N364/$1 in the Bureau De Change segment of the market on Monday.

Update news