CBN Provides $195m Intervention in Forex Market

By Modupe Gbadeyanka

The Central Bank of Nigeria (CBN) continued its regular intervention in the foreign exchange market on Monday with the release of $195 million.

This was done to sustain the smooth flow of forex in the market and as well ease pressure on the local currency.

Acting Director, Corporate Communications, CBN, Mr Isaac Okorafor, who confirmed the intervention in a statement issued yesterday, reassured the apex bank’s commitment to continue with it.

According to him, $100 million was offered in wholesale auction at the inter-bank foreign exchange market.

In addition the Small and Medium Enterprises (SMEs) segment received $50 million, while the invisibles window got $45 million.

Since February 2017 when the CBN commenced this intervention, more than $5 billion has been injected into the forex market.

This has crashed the Dollar from over N500 at that time to about N365 now.

The steady rise in the crude oil production in Nigeria has made it possible for the apex bank to continue with the support.