CBN injects $195m into Forex market

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    Nigerian naira notes are seen in this picture illustration March 15, 2016. REUTERS/Afolabi Sotunde/Illustration/File Photo

    The Central Bank of Nigeria (CBN), on Monday, October 9, 2017, continued its intervention in the inter-bank foreign Exchange market with the injection of $195m.

    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 fees, medical payments and Basic Travel Allowance (BTA), among others, received $45 million.

    Confirming the figures, the Bank’s Acting Director, Corporate Communications Department, Mr. Isaac Okorafor,said the injection was in line with the CBN’s pledge of making the Forex market liquid.

    Mr. Okorafor reiterated that the Bank remained determined to achieve its objective of rates convergence, hence the consistent intervention in the foreign exchange market.

    He urged Deposit Money Banks to only honour requests from customers with genuine needs, noting that the Bank does not intend to falter in its pledge to ensure liquidity in the forex market.

    Meanwhile, the naira continued to maintain its stability in the FOREX market, exchanging at an average of N363/$1 in the BDC segment of the market on Monday, October 9, 2017.

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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.

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