CBN injects $195m into Forex market

The Central Bank of Nigeria (CBN) on Monday injected another 195 million dollars into the various segments of the inter-bank Foreign Exchange (Forex) Market ahead of Monetary Policy Committee’s (MPC) decision.

Mr Isaac Okorafor, the Bank’s Acting Director in charge of Corporate Communications, said this in a statement in Abuja.

According to Okorafor, the bank offered 100 million dollars of the sum to the wholesale interventions while 50 million dollars was offered to the Small and Medium Enterprises(SME).

He said the invisible segment, comprising Business/Personal Travel Allowances, tuition and medical fees, received 45 million dollars.

According to Okorafor, the apex bank has continued to intervene in the inter-bank sector, to ensure adequate liquidity in the market.

He said,“ the CBN Management is quite pleased with the performance of the naira against other major currencies around the world, particularly now that the forex rates at both the inter-bank and BDC segments neared convergence.

He expressed optimism that the Bank’s intervention had put a check on the activities of speculators.

He also underscored the determination of the CBN in sustaining stability in the forex market through monitoring of authorised dealers, to reduce sharp practices.

Meanwhile, the naira maintained its steady rate against major currencies around the globe, exchanging for N363 to the dollar in the BDC segment of the market on Monday.