CBN Forex Supply Hits $390 Million In One Week
As you may know, the naira has been making slow recovery, thanks to the the Central Bank of Nigeria, CBN’s consistent intervention in the foreign exchange market.
As at the start of business on Monday, it traded at 363 naira per dollar after the CBN injected a total of $195 million into the interbank foreign exchange market.
The CBN had also on Tuesday, last week, intervened in the interbank forex market with the sale of $195 million.
Figures released by the apex bank on Monday showed that the sum of $100 million was offered to the wholesale segment, while the Small and Medium Enterprises segment received $50 million.
The invisibles segment, comprising tuition fees, medical payments and Basic Travel Allowance, among others, received $45 million.
The Acting Director, Corporate Communications Department, Isaac Okorafor, said in a statement that the injection is in line with the CBN’s pledge of making sure there is enough dollar in circulation.
Okorafor maintained 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, saying the bank “does not intend to falter in its pledge to ensure liquidity in the forex market.”
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