Forex: CBN consolidates market stability with $195m

Posted by News Express | 24 October 2017 | 1,715 times

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•CBN’s Acting Spokesman Isaac Okorafor

The Central Bank of Nigeria (CBN) on Monday injected $195 million into the inter-bank Foreign Exchange Market.

Figures obtained from the Bank indicate that the CBN offered $100 million to authorised dealers in the wholesale segment of the market, while the Small and Medium Enterprises (SMEs) segment received $50 million. Those requiring foreign exchange for invisibles such as tuition fees, medical payments and Basic Travel Allowance (BTA), among others, were allocated $45 million.

The apex Bank’s Acting Director in charge of Corporate Communications, Mr. Isaac Okorafor confirmed the figures, saying the bank was confident that the level of transparency it had entrenched in the market would help the Naira to sustain its steady run against the US dollars and other major currencies around the world.

According to him, “the market will remain very stable as long as every player sticks to the foreign exchange guidelines.”

The CBN last week intervened in the various segments of the foreign exchange market with $195 million.

Meanwhile, the Naira continued to maintain its stability in the foreign exchange market, exchanging at an average of N360/$1 in the Bureau De Change segment of the market on Monday.


Source: News Express

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