Nigeria's central bank supports forex market with $210 million ahead of Eid-el-Fitr celebration

The bank figures explained that the Wholesale sector of the market got $100 million, just as the Small and Medium Enterprises (SMEs) and invisible sectors received $55 million each.

  • The CBN said it will continue to inject funds into the market in order to maintain stability as well as sustain the financial system.

The Central Bank of Nigeria (CBN) has stepped into the inter-bank sector of the foreign exchange market, intervening in the wholesale segment and other sectors of the market to the tune of $210 million.

The CBN intervention is coming few days to the Eid-el-Fitr, celebration marking the end of the 30-day Ramadan for the Muslims.

From the figures, the bank revealed that the Wholesale sector of the market got $100 million, just as the Small and Medium Enterprises (SMEs) and invisible sectors received $55 million each.

Isaac Okorafor, the Acting Director, Corporate Communications Department at the CBN, said Tuesday’s interventions, like the previous intermediation, were in line with the Bank’s commitment to sustain the high level of stability in the forex market and continually ease access to the currency by those requiring it for genuine activities.

Okorafor, while commending the role of every player in the market, said the CBN was ready to inject funds into the market, whenever and wherever necessary, in order to maintain market stability as well as sustain the financial system.

He also said the financial regulator was further buoyed by recent gains in the foreign exchange sector, which had seen the country’s reserves soar closer to the $50 billion mark. Speaking further, Okorafor said the country’s reserves continued to enjoy accretion, adding that the status of the present reserve at the bank meant that the CBN was capable of sustaining foreign exchange liquidity in the system.

On Tuesday, the United States dollar exchanged for N361 in the Bureau De Change (BDC) segment of the market while at I&E window recorded 0.06% gain to close at N360.75 against the dollar.

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