Markets

CBN injects another $195m into forex market  

by Hope Moses-Ashike

July 4, 2017 | 4:21 am
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In this photo taken Tuesday Oct. 20, 2015, a money changer counts Nigerian naira currency at a bureau de change, where a dollar buys 222 naira compared to the official rate of 198, in Lagos, Nigeria. The IMF is pressing Nigeria to further devalue its naira currency amid uncertainty over the political and economic outlook for Africa's biggest oil producer and economy. Analysts said there's disappointment that President Muhammadu Buhari's long-awaited Cabinet list includes no economic stars. The naira has lost 25 percent of its value in the past year and the stock market has plummeted because of political uncertainty and halved prices for oil that provides most government revenue.(AP Photo/Sunday Alamba)

The Central Bank of Nigeria (CBN), on Monday, injected the total sum of $195 million into various segments of the inter-bank foreign exchange market.
This is in continuation of its drive to ensure liquidity and stability in the foreign exchange market.
A breakdown of figures released by the CBN on Monday, July 3, 2017, shows that the sum of $100 million was offered to authorized dealers in the wholesale window, just as the Small and Medium Enterprises (SMEs) window was allocated the sum of $50 million. Those seeking forex for the purpose of BTA/PTA, tuition and medical bills, among other invisibles, received the sum of $45 million.
The Acting Director, Corporate Communications at the CBN, Isaac Okorafor, who confirmed the figures, said the Banks continued intervention was aimed at strengthening the international value of the Naira, while ensuring accessibility to the greenback by customers who required it for genuine purposes.
It will be recalled that the CBN in the last round of forex intervention in the inter-bank market on June 28, 2017, injected a total sum of $195 million to the wholesale, SMEs and invisibles segments of the market.
Meanwhile, a survey of markets in the Bureau de Change segment (BDCs) in Lagos, Abuja, Port-Harcourt and Kano, on Monday, July 3, 2017, showed that the naira exchanged at an average of N360/$1 in the BDC segment of the market.

 

Hope Moses-Ashike


by Hope Moses-Ashike

July 4, 2017 | 4:21 am
  |     |     |   Start Conversation

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