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CBN boosts Forex market with $195m

CBN boosts Forex market with $195m

The Central Bank of Nigeria (CBN) boosted the Foreign Exchange market by $195m intervention in three segments of the market on Monday August 7, 2017.

The Acting Director, Corporate Communications Department of CBN, Mr Isaac Okorafor, in a statement stated that in the wholesale segment of the inter-bank foreign exchange market, the bank auctioned $100m.

The Small and Medium Enterprises Forex window got $50m while $45m was offered for the invisible which included Business/Personal Travel Allowances, tuition and medical fees.

He continued by stating CBN’s commitment to sustaining liquidity in the market to ensure that genuine requests for Forex were met as well as improved flexibility.

The intervention in the new week followed the major intervention last week of $462,336,426.74million.

About $267m was offered for the Retail Secondary Market Intervention Sales, while $100m was offered as wholesale interventions.

Mr. Okorafor said the leadership of CBN was optimistic about the positive impact that its current foreign exchange management was having in various sectors across the country.

He also restated that the CBN governor’s desire to achieve stability and ultimately ensure convergence of rates in the market.

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