CBN forex supply hits $390m in one week

October 10, 2017/Punch

’Femi Asu

The Central Bank of Nigeria injected a total of $195m into the interbank foreign exchange market on Monday, with the naira remaining unchanged at 363 against the United States dollar.

The CBN on Tuesday, last week, intervened in the interbank forex market with the sale of $195m.

Figures released by the bank on Monday showed that the sum of $100m was offered to the wholesale segment, while the Small and Medium Enterprises segment received $50m.

The invisibles segment, comprising tuition fees, medical payments and Basic Travel Allowance, among others, received $45m.

The Acting Director, Corporate Communications Department, Mr. Isaac Okorafor, said in a statement that the injection was in line with the CBN’s pledge of making the forex market liquid.

Okorafor reiterated that the bank remained determined to achieve its objective of rates convergence, hence the consistent intervention in the foreign exchange market.

He urged Deposit Money Banks to only honour requests from customers with genuine needs, saying the bank “does not intend to falter in its pledge to ensure liquidity in the forex market.”

The naira recorded a marginal gain on Wednesday, last week, closing at 363 per dollar from 364/dollar the previous day.

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