Apex bank injects $195M forex intervention

The Central Bank of Nigeria (CBN) on Monday injected another 195 million dollars into the Foreign Exchange (Forex) market.

Mr Isaac Okorafor, Acting Director in charge of Corporate Communications, CBN, said this in a statement in Abuja.

Okorafor reiterated that the intervention was in line with the CBN’s commitment to sustain liquidity in the market to meet genuine request as well as deepen flexibility in the forex market.

He said 100 million dollars was offered in wholesale auction at the interbank market while the Small and Medium Enterprises (SMEs) and invisible segments were offered 50 milion and 45 million dollars respectively.

The development followed a major intervention on July 28 by the CBN.

About 100 million dollars was offered for whole sale intervention, 50 million dollars for SMEs while 45 million dollars was for invisibles.

Okorafor said the leadership of the bank expressed delight at the positive impact it’s current forex management was having on the manufacturing sector, agriculture and economic activities across the country.

He said,” the CBN would continue working on achieving the objective of convergence between the exchange rates at the Nigeria Autonomous Foreign Exchange (NAFEX) and the Bureau-de-Change segments of the market.

He assured of proper surveillance of the forex market by the apex bank to guarantee transparency in the sale of foreign exchange.

He also advised those who genuinely required foreign exchange for their transactions to approach their banks as they (banks) had enough forex to meet the demand within the stipulated time by the CBN.

Meanwhile, the naira hovered at between N360 and N362 to the dollar in the BDC segment of the market on Monday.