CBN injects fresh $195m into forex market

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The Central Bank of Nigeria on Monday continued its sustenance of foreign exchnage liquidity by injecting another $195 million into the inter-bank Foreign Exchange Market, even as the Naira maintains its strength.

Figures released by the Bank show that it offered the total sum of $100 million to the Wholesale segment, while the Small and Medium Enterprises (SMEs) segment received the sum of $50 million. The invisibles segment comprising tuition, medical payments and Basic Travel Allowance (BTA) received $45 million.

The bank’s Acting Director, Corporate Communications Department, Mr. Isaac Okorafor, said yesterday that the intervention is in line with the CBN’s continual determination to ensure FOREX liquidity and satisfy legitimate demand.

Mr. Okorafor assured that the Bank will continue to intervene in the nation’s FOREX market in order to sustain the liquidity in the market and guarantee the international value of the Naira.

Meanwhile, the Naira exchanged at an average of N363/$1 in the Bureau De Change (BDC) segment of the market on Monday, November 13, 2017, maintaining its stability in the FOREX market.

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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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