Markets

CBN injects $195m into forex market

by HOPE MOSES-ASHIKE

October 16, 2017 | 9:52 pm
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The Central Bank of Nigeria (CBN), on Monday October 16, 2017 continued to maintain liquidity in the forex market by injecting $195 million in the Nigerian inter-bank foreign exchange market.

Figures released by the Bank show that it offered a 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 fees, medical payments and Basic Travel Allowance (BTA), among others, received $45 million.

After trading on Monday, the nation’s currency closed at N360.75k per dollar, losing N0.23k from N360.52k/$ traded last week Thursday at the Investors and Exporters forex window.

Naira was quoted at the rate of N305.55k to the dollar the same level it traded on Thursday last week at the inter-bank foreign exchange market, according to the data from FMDQ.

Isaac Okorafor, the acting director, corporate communications department of the CBN, confirming the development, said that the apex Bank would continue to increase liquidity, aimed at meeting genuine demand in the market to enhance forex stability.

It will be recalled that the Apex Bank last week, Friday, October 13, 2017, intervened in the retail segment of the inter-bank market with the sum of $306.3 million.

Meanwhile, the naira, on Monday, October 16, 2017, exchanged at an average of N364/$1 in the Bureau de Change segment (BDCs) across major trading points in Lagos, Abuja, Port-Harcourt and Kano.

 

HOPE MOSES-ASHIKE

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by HOPE MOSES-ASHIKE

October 16, 2017 | 9:52 pm
  |     |     |   Start Conversation

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