Home BANKING & FINANCE CBN Injects $210 Million In First Forex Intervention In 2019

CBN Injects $210 Million In First Forex Intervention In 2019

Isaac Okorafor, CBN spokesman

The Central Bank of Nigeria (CBN) on Friday made its first intervention in the inter-bank sector of the Foreign Exchange (FOREX) market for 2019 with a sum of 210 million dollars.

The CBN Director, Corporate Communications, Isaac Okorafor, said the wholesale sector of the market received 100 million dollars, while the Small and Medium Enterprises (SMEs) received 55 million dollars.

Okorafor said another 55 million dollars was allocated to customers requiring foreign exchange for business and personal travels, tuition or medical fees.

The CBN spokesman said the apex bank would continue from where it stopped in 2018 in order to maintain the stability being enjoyed in the market.
He noted that the Bank had made commendable effort in keeping the exchange rates at the current levels.

Okorafor said the current capital flow reversals from the emerging markets were expected to bring out pressures on the market rates.
He, however, assured that, in spite of the anticipated pressures, coupled with the forthcoming elections, the bank was committed to maintaining the current exchange rate policy, given the level of reserves.

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“The CBN is determined to sustain a stable exchange rate as it continues to put in place relevant measures to shore up the country’s reserves,” Okorafor said in a statement.

Meanwhile, one United States Dollar exchanged for N360 in the Bureau De Change segment of the market on Friday in Abuja.