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CBN reiterates commitment to achieving forex convergence

by HOPE MOSES-ASHIKE

November 1, 2017 | 7:26 am
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The Central Bank of Nigeria (CBN) has reiterated its determination to achieve its objective of foreign exchange rates convergence.

Consequently, the CBN on Tuesday, October 31, 2017, injected another $195 million into the inter-bank Foreign Exchange market. The apex Bank offered the sum of $100 million to the wholesale window and intervened in the Small and Medium Enterprises (SMEs) segment with $50 million. The invisibles segment, comprising tuition, medical payments and Basic Travel Allowance received $45 million.

The nation’s currency on Tuesday depreciated marginally by N0.22k to close at N360.83 per dollar compared to N360.61k per dollar traded the previous day at the Investors and Exporter forex window.

Confirming the figures, the Bank’s Acting Director, Corporate Communications Department, Isaac Okorafor, reiterated CBN’s capacity to sustain the ongoing foreign exchange intervention especially now that the nation’s external reserve is on the upward climb, and stands at $34 billion.

Okorafor urged Deposit Money Banks to continue to honour requests from customers with genuine needs, noting that the Bank will continue to sustain liquidity in the foreign exchange market.

He also restated the Bank’s determination to achieve its objective of rates convergence, hence the consistent intervention in the foreign exchange market.

Meanwhile, the nation’s currency continued on Tuesday, October 31, 2017 to maintain its stability in the forex market, exchanging at an average of N360/$1 in the BDC segment of the market.

 

HOPE MOSES-ASHIKE

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by HOPE MOSES-ASHIKE

November 1, 2017 | 7:26 am
12893  |   93   |   0  |   Start Conversation

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