CBN boosts Forex market with $195m

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The Central Bank of Nigeria (CBN) on Monday offered 195 million dollars in three segments of the Foreign Exchange Market (Forex) to boost liquidity in the operation.

Mr Isaac Okorafor, CBN’s Acting Director, Corporate Communications Department, said this in a statement in Abuja.

Okorafor said that in the wholesale segment of the inter-bank Foreign Exchange market, it auctioned 100 million dollars and also intervened in the Small and Medium Enterprises (SMEs) with 50 million dollars.

He said the bank also offered the invisible segments, with 45 million dollars.

He said the bank had kept fate with its resolve to ensure that there was sustained liquidity in the market following pressures on the market from those seeking forex for school fees and vacations.

He stated that the bank would also ensure that genuine requests for FOREX were met, as well as improved liquidity and flexibility in the market.

This comes on the heels of last week’s intervention in which the retail secondary market intervention sales (SMIS) received the largest allocation of about 264 million dollars.

The authorised dealers in the wholesale window had also received 100 million dollars.

The CBN, in a bid to improve forex availability in the market and ameliorate challenges encountered by critical stakeholders, said payment for port charges to the Nigerian Ports Authority (NPA) would be accommodated by the bank, using Form ‘A’.

The CBN further said that other agencies by oil marketing companies would also be accommodated by the bank, using the same form.

The move by the CBN is to speed up operations at the ports, thereby enhancing the ease of doing business in the country.

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Godwin Okafor is a Financial Journalist, Internet Social Entrepreneur and Founder of Naija247news Media Limited. He has over 16 years experience in financial journalism. His experience cuts across traditional and digital media. He started his journalism career at Business Day, Nigeria and founded Naija247news Media in 2010. Godwin holds a Bachelors degree in Industrial Relations and Personnel Management from the Lagos State University, Ojo, Lagos. He is an alumni of Lagos Business School and a Fellow of the University of Pennsylvania (Wharton Seminar for Business Journalists). Over the years, he has won a number of journalism awards. Godwin is the chairman of Emmerich Resources Limited, the publisher of Naija247news.