By Dipo Olowookere
Yesterday, the Central Bank of Nigeria (CBN) released another $195 million to the inter-bank foreign exchange market.
This was part of efforts of the country’s chief lender to boost the supply of forex at the various segments of the market.
Acting Director, Corporate Communications Department at the CBN, Mr Isaac Okorafor, who confirmed Monday’s forex intervention, explained that it was in line with the CBN’s pledge to make the forex market liquid.
According to Mr Okorafor, “the apex bank remains “determined to achieve its objective of rates convergence, hence the consistent intervention in the foreign exchange market.”
A breakdown of the forex disbursement showed that $100 million was released to the wholesale segment, while the Small and Medium Enterprises (SMEs) segment was allotted $50 million, and the invisibles segment, comprising tuition fees, medical payments and Basic Travel Allowance (BTA), among others, received $45 million.
The CBN spokesman appealed to the Deposit Money Banks (DMBs) to only honour requests from customers with genuine needs, noting that the bank does not intend to falter in its pledge to ensure liquidity in the forex market.
