CBN continues intervention in Forex market

The Central Bank of Nigeria (CBN) has continued its intervention in the inter-bank sector of the Foreign Exchange market by injecting another sum of $210 million into the forex market.

In the forex trading on Tuesday, January 8, 2019, the CBN injected the sum of $100 million in the wholesale segment of the market in addition to the sum of $55 million each in the Small and Medium Enterprises (SMEs) and invisibles sectors.

The Director, Corporate Communications Department, Isaac Okorafor, disclosed these on Tuesday and reiterated that the Bank was unrelenting in its resolve to sustain liquidity in the forex market as well as maintain stability there. Mr. Okorafor stressed that the CBN’s continued intervention was aimed at ensuring that the Bank meets the requests of genuine customers in the various windows of the market.

On the Bank’s restriction of access to forex for some 42 items, he said the policy would continue, particularly as it was greatly boosting local production of items on the list. He disclosed that the Economic Intelligence Unit of the CBN was working closely with relevant government agencies to checkmate any attempt to flout the policy.
Meanwhile, the United States Dollar at the rate of US$1 for N358 in the Bureau De Change (BDC) segment of the market on Tuesday.