By Dipo Olowookere
On Monday, September 18, 2017, the Central Bank of Nigeria (CBN) injected fresh $545 million into the foreign exchange market as part of efforts to boost liquidity at the market.
Acting Director of Corporate Communications at the CBN, Mr Isaac Okorafor, disclosed that the bank allotted $285 million to the retail Secondary Market Intervention Sales (SMIS), while $100 million was given to wholesale SMIS window.
In addition, the Small and Medium Enterprises (SMEs) segment got $90 million, while the invisibles such as Basic Travel Allowances, tuition fees and medical payments received the sum of $70 million.
Mr Okorafor noted that with the growth in the foreign reserves, the apex bank would continue to fulfil its mandate of safeguarding the international value of the legal tender.
He expressed optimism that the CBN will achieve its goal of a convergence between the forex rates at both the inter-bank and BDC segments.
The CBN image maker said the continuous injection of forex into the market was part of efforts at achieving this, assuring that all genuine requests would be met in line with extant forex guidelines.
Meanwhile, the CBN has threatened to wield its big stick on any Deposit Money Bank (DMB) which fails to adhere strictly to its earlier directive of March 3, 2017 instructing them to, among other things, open teller points for retail forex transactions and to have electronic display boards in all their branches, showing rates of all trading currencies.
A circular issued by the chief lender warned that its would mete out stiff regulatory sanctions to banks that fail to comply fully with the directive by October 13, 2017.
The circular signed by the Director, Banking Supervision, Mr Ahmad Abdullahi, stressed that the bank would bar erring DMBs from all future CBN foreign exchange interventions.
Adedapo Adesanya 
Modupe Gbadeyanka