As promised, the Central Bank of Nigeria, CBN has begun its intervention in the foreign exchange market in 2019.

The CBN on Friday, made its first intervention for the year in the inter-bank sector of the foreign exchange market with a total sum of $210 million injected into the wholesale segment and other sectors of the market.

A breakdown of the figures obtained from the CBN showed that customers in the wholesale sector of the market received the sum of $100 million, while the Small and Medium Enterprises and invisibles sectors each got $55 million to meet the needs of customers.

The Director, Corporate Communications, CBN, Mr Isaac Okorafor, said the bank continued from where it stopped in 2018 in order to maintain the stability being enjoyed in the market.

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While noting that the bank had made a commendable effort in keeping the exchange rates at the current levels, Okorafor reiterated the position of the bank’s Governor, Mr Godwin Emefiele, saying that the current capital flow reversals from emerging markets were expected to bring out pressures on the market rates.

He, however, assured that in spite of the anticipated pressures, coupled with the forthcoming elections, the bank was committed to maintaining the current exchange rate policy, given the level of reserves.

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