The Central Bank of Nigeria (CBN) Tuesday intervened in the interbank forex market pumping in not less than $195 million in an attempt to maintain foreign exchange liquidity in the nation.
According to official figures made public by the bank, a total of $100 million was offered to the wholesale segment, while the SMEs segment got the sum of $50 million. The invisible segments, including tuition fees, medical payments and Basic Travel Allowance (BTA), and a host of others received $45 million.
CBN’s Acting Director, Corporate Communications Department, Mr. Isaac Okorafor, who spoke on the figures said the bank was satisfied with the state of forex market, and also admitted that the bank would keep on intervening in order to maintain the liquidity in the market and ensure the international value of the naira is safeguarded.
Okorafor repeated the willingness of the bank to keep the provision of foreign exchange so that the liquidity in the market can be maintained and further enable accessibility and affordability for real end users.
He also said the bank is resolute on achieving its objective of rates convergence, therefore there is the need to remain constant with the introduction of fund into the forex market.
As at last week, the CBN had mediated in a number of segments of the forex market with a sum of $698.5 million.
And for all the effort however, the naira has assumed a stable posture in the forex market, exchanging for an average of N364/$1 in the BDC segment of the market on Tuesday, October 3 2017.