CBN Boosts Forex Market With $195 Million
The Central Bank of Nigeria, CBN on Monday injected more dollars into the foreign exchange market.
This is in line with its consistent quest to keep the naira valuable amid dwindling foreign exchange reserves.
The apex bank boosted the Foreign Exchange market by 195 million dollars intervention in three segments of the market.
“In the wholesale segment of the inter-bank foreign exchange market, the bank auctioned 100 million dollars and also intervened in the Small and Medium Enterprises (SMEs) with 50 million dollars.
“The invisible segments was also offered 45 million dollars intervention,” said Mr Isaac Okorafor, the Acting Director, Corporate Communications Department of CBN, in a statement on Monday in Abuja.
Okorafor reaffirmed the CBN’s commitment to making sure there is enough dollar in circulation to ensure genuine business demands are met.
The intervention in the new week followed the major intervention last week of 462,336,426.74 million dollars.
About 267 million dollars was offered for the Retail Secondary Market Intervention Sales (SMIS), while 100 million dollars was offered as wholesale interventions.
The Small and Medium Enterprises (SMEs) forex window got 50 million dollars while 45 million dollars was offered for the invisibles which include: Business/Personal Travel Allowances, tuition and medical fees.