FOREX: CBN boosts the FOREX market with $195m

The Central Bank of Nigeria (CBN) on Monday, August 7, 2017, boosted the FOREX market by offering a total of $195m in three segments of the market. In the wholesale segment of the inter-bank Foreign Exchange market, it auctioned $100m and also intervened in the Small and Medium Enterprises (SMEs) and invisible segments, with the sum of $50 million and $45million respectively.

Responding to media enquiries, Acting Director, Corporate Communications Department, Mr. Isaac Okorafor, reaffirmed the Bank’s commitment to sustain liquidity in the market to ensure that genuine requests for FOREX are met as well as improve liquidity and flexibility in the market.

The intervention in the new week follows the major intervention last week, which shows a total sum of $462,336,426.74 made up of $267,336,426.74, for the Retail Secondary Market Intervention Sales (SMIS), while the sum of $100,000,000 was offered as wholesale interventions, $50,000,000 for the Small and Medium Enterprises (SMEs) forex window and $45,000,000 for the invisibles – Business/Personal Travel Allowances, tuition and medical fees, among others.

Mr. Okorafor stated that the leadership of the CBN was upbeat with the positive impact its current foreign exchange management is having on the manufacturing sector, agriculture and economic activities across the country.

He also reiterated the CBN Governor’s desire to achieve stability and ultimately ensure convergence of rates in the market.  Meanwhile, the naira hovered at between N361 and N362/$1 in the BDC segment of the market over the weekend.