Forex: CBN opens week with $195m intervention

Posted by News Express | 1 August 2017 | 1,793 times

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•CBN Acting Spokesman Isaac Okorafor

The Central Bank of Nigeria (CBN) on Monday offered $100 million in wholesale auction at the inter-bank foreign exchange market and intervened in the Small and Medium Enterprises (SMEs) and invisible segments, with the sum of $50 million and $45 million respectively.

Confirming the figures, CBN Acting Director of Corporate Communications, Isaac Okorafor reiterated that the bank’s intervention was in line with its commitment to sustain liquidity in the market to meet genuine requests as well as deepen flexibility in the foreign exchange market.

Monday’s sale follows the major intervention last Friday to the tune of $462,336,426.74, comprising $267,336,426.74 for the Retail Secondary Market Intervention Sales (SMIS), $100,000,000 for wholesale interventions, $50,000,000 for the SMEs foreign exchange window, and $45,000,000 for invisibles.

Okorafor had said last week that the CBN leadership was quite impressed by the positive impact its current foreign exchange management was having on the manufacturing sector, agriculture and economic activities in general across the country.

He said the CBN would not continue working on achieving the objective of convergence between the exchange rates at the Nigeria Autonomous Foreign Exchange (NAFEX) and the Bureau-de-Change segments of the market, even as he assured proper surveillance of the foreign exchange market to guarantee transparency in its sale.

Okorafor also encouraged those who genuinely required foreign exchange for their transactions to approach their banks, which have enough to meet the demands within the time frame stipulated by the CBN.

Meanwhile, the Naira hovered at between N360 and N362 to $1 in the Bureau de Change (BDC) segment of the market on Monday.




Source: News Express

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