Modupe Gbadeyanka
By Modupe Gbadeyanka
On Tuesday, October 3, 2017, the Central Bank of Nigeria (CBN) released $195 million into the inter-bank foreign exchange market.
This comes after the CBN, last week, intervened in the various segments of the forex market with the sum of $698.5 million.
A statement issued yesterday by the apex bank explained that the latest intervention was in continuation of its efforts to sustain forex liquidity in the country.
Acting Director, Corporate Communications Department at the CBN, Mr Isaac Okorafor, said in the statement that $100 million was offered to the wholesale segment, while the Small and Medium Enterprises (SMEs) segment received $50 million, and the invisibles segment, comprising tuition fees, medical payments and Basic Travel Allowance (BTA), among others, was allotted $45 million.
He said the apex bank 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.
Mr Okorafor said the CBN remains determined to achieve its objective of rates convergence, hence the unrelenting injection of intervention funds into the foreign exchange market.
He reiterated the apex bank’s determination to sustain the provision of foreign exchange with a view to ensuring liquidity in the market and enhance accessibility and affordability for genuine end users.
