Home Banking CBN boosts Inter-Bank segment of forex market with N210m

CBN boosts Inter-Bank segment of forex market with N210m


The Central Bank of Nigeria (CBN) on Tuesday intervened in the inter-bank sector of the Foreign Exchange market with $210 million as part of the apex bank’s sustained efforts to improve liquidity in the market.

Figures obtained from the Bank on the intervention indicated that the Wholesale sector of the market got a boost of $100 million, while the Small and Medium Enterprises (SMEs) and invisibles sectors were offered $55 million each.

The Acting Director, Corporate Communications Department at the Bank, Isaac Okorafor, said that the interventions were in continuation of the Bank’s commitment to maintain stability in the market as well as enhance production and trade.

Okorafor stated the monetary regulatory institution was pleased with the cooperation by players in the inter-bank market which, he noted, had enjoyed some stability and continue to create access of customers to foreign exchange over the months.

While expressing optimism that the first Monetary Policy meeting (MPC) of the CBN billed for early next month would further enhance the monetary policy activities, he urged Nigerians to remain optimistic about the economic outlook for 2018, stressing that the CBN remained people-centred.

It would be recalled that the CBN had last Friday also intervened in the Forex market by injecting the sum of $339.89 million in the Retail Secondary Market Intervention Sales (SMIS).

Meanwhile, the naira exchanged at N360/$1 in the Bureau De Change (BDC) segment of the market at the close of transactions on Tuesday.