Home BANKING & FINANCE Central Bank, Again, Pumps $250 Million Into Forex Market

Central Bank, Again, Pumps $250 Million Into Forex Market

Isaac Okorafor, CBN Spokesman
Isaac Okorafor, CBN Spokesman

The Central Bank of Nigeria (CBN), has again injected the sum of $250 million into the foreign exchange market as part of its relentless effort to keep the inter-bank foreign exchange market liquid.
A breakdown of the apex bank’s intervention showed that the wholesale sector had an allocation of $100 million, even as the Small and Medium Enterprises (SMEs) window received $80 million.
Those requiring foreign exchange to address needs such as Business/Personal Travel Allowances, school tuition, medicals, etc were allotted the total sum of $70 million.
The Bank’s Acting Director in charge of Corporate Communications, Isaac Okorafor, who spoke in Abuja today, Monday, said that the interventions had ensured stability in the market. He added that the CBN remained committed to maintaining transparency in the market.
According to him, CBN has taken measures to check the activities of speculators and shield the currency from attacks, and that the international value of the Naira is being maintained.
Okorafor gave assurance that authorized dealers have enough funds to meet the foreign exchange needs of customers, and advised the operators to adhere to the extant guidelines on the sale of forex in the Nigerian Forex market.
He also advised those in genuine need of forex to continue to approach their respective banks for purchase. He expressed the Bank’s optimism in the Nigerian currency faring strongly against other notable currencies around the world.
On the convergence target of the Bank between the forex rates at the inter-bank and the Bureau de Change (BDC), Okorafor said that the goal would be attained if all stakeholders played by the rules.
The CBN had, last week, assured customers of adequate foreign exchange in the market, dispelling fears of a scarcity of foreign exchange in the Nigerian forex market. Meanwhile, the naira exchanged at the Bureau de Change segment of the market today, Monday, September 11 at the rate of N365 to $1.[myad]