Naira Stabilises As CBN Injects $195m Into Forex Market

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Naira To Appreciate As CBN Plans To Pump More Dollar Into Forex Market

The Central Bank of Nigeria (CBN) on Monday intervened in the inter-bank Foreign Exchange Market with the supply of $195 million in an effort to stabilise the market.

Mr Isaac Okorafor, the acting Director, Corporate Communications of the apex bank, who confirmed the figures in a statement yesterday, added that $100 million was offered through the wholesale segment.

He said that Small and Medium Enterprises (SMEs) segment received $50 million, while tuition fees, medical payments and Basic Travel Allowance (BTA), among others, got $45 million.

Okorafor said the CBN was pleased with the state of the forex market, adding that the bank 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 apex bank remained determined to achieve its objective of rates convergence, “hence the unrelenting injection of intervention funds into the foreign exchange market’’.

Okorafor expressed optimism that the naira would sustain its run against the dollar and other major currencies around the world, considering the level of transparency in the market.

He, therefore, advised stakeholders to abide by the guidelines to ensure transparency in the market.

Last week, the CBN intervened in the various segments of the foreign exchange market with the injection of $396.8 million.

Meanwhile, 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, July 17, 2017.

The local currency was also stable at the parallel market as the parallel market exchange rate closed at N367 per dollar, same as the rate on Friday.

Datboyjerry

Datboyjerry

I am but your herald boy in the art of the pen.. An eccentric Environmental Biologist smouldered in the glorious epiphany of online journalism. If you ever find my article unduly insipid, sue me and i’ll refund you...

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