Naira maintains gains as CBN boost forex liquidity with $195m

by | November 14, 2017 1:16 am

The stability recorded in foreign exchange market remains strong as the Central Bank of Nigeria (CBN) on Monday further injected a total of $195 million to boost the market liquidity.
Figures released by the Bank show that it offered the total sum of $100million to the Wholesale segment, while the Small and Medium Enterprises (SMEs) segment received the sum of $50 million. The invisibles segment comprising tuition, medical payments and Basic Travel Allowance (BTA) received $45 million.
Consequently, after trading on Monday, the nation’s currency appreciated by N0.35k to close at N360.20k per dollar as against N360.55k traded on Thursday last week, at the investors and exporters fore window, data from FMDQ show.
However, naira weakened marginally by N0.05k at the inter-bank spot foreign exchange market, closing at N306.00k on Monday from N305.95k on Thursday last week.
Isaac Okorafor, said yesterday acting director, corporate communications department, said yesterday that the intervention is in line with the CBN’s continual determination to ensure forex liquidity and satisfy legitimate demand.
Okorafor assured that the Bank will continue to intervene in the nation’s forex market in order to sustain the liquidity in the market and guarantee the international value of the Naira.
Meanwhile, the Naira exchanged at an average of N363/$1 in the Bureau De Change (BDC) segment of the market on Monday, November 13, 2017, maintaining its stability in the forex market.
“As we entrench and sustain the transparency in the forex market, as forex reserves accretion continues, and market confidence and improved sentiments remain, I expect that the exchange rate will not only be stable but would begin to appreciate against major currencies,” Godwin Emefiele, governor of CBN said at the 2017 annual dinner of Chartered Institute Bankers of Nigeria (CIBN) held in Lagos on Friday.