Apex bank boosts forex supply with $195m

Apex bank boosts forex supply with $195m

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The Central Bank of Nigeria on Monday confirmed yet another intervention in the inter-bank Foreign Exchange Market to the tune of $195million, in continuation of its FOREX supply drive.
Figures released by the CBN show that it offered the total sum of $100 million to the wholesale segment, while the Small and Medium Enterprises segment received the sum of $50 million. The invisibles segment, comprising tuition fees, medical payments and Basic Travel Allowance, among others, received $45 million.
Confirming the figures, the CBN Acting Director, Communications, Mr. Isaac Okoroafor, said the bank was pleased with the state of the Forex market.
 He added that CBN will continue to intervene in order to sustain the liquidity in the market and guarantee the international value of the Naira.
According to him, the bank remained determined to achieve its objective of rates convergence, hence the unrelenting injection of intervention funds into the foreign exchange market.
Okoroafor expressed optimism that the Naira will sustain its run against the dollar and other major currencies around the world, considering the level of transparency in the market. He advised stakeholders to abide by the guidelines to ensure transparency in the market.
The CBN last week intervened in the various segments of the Forex market with the sum of $396.8 million.
The Naira continued to maintain its stability in the FOREX market, exchanging at an average of N364/$1 in the BDC segment of the market on Monday.
Meanwhile, President, Association of Bureau De Change Operators of Nigeria, Alhaji Aminu Gwadabe, has said that the nation’s currency would remain stable in the months to come as long as the apex bank sustained its interventions in the forex market.
Gwadabe said that the sustained injection of liquidity into the nation’s foreign exchange market had paralysed the activities of speculators.

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