Home BANKING & FINANCE Central Bank Of Nigeria, Again, Pumps $210 Million Into Forex Market

Central Bank Of Nigeria, Again, Pumps $210 Million Into Forex Market

bag-of-dollarsThe Central Bank of Nigeria, has once more, intervened in the inter-bank Foreign Exchange Market by pumping a total of $210,000,000 into it.
This is coming on the heels of the commencement of the meeting ot the CBN’s Monetary Policy Committee (MPC).
The CBN’s $210,000,000, interventions were said to be mainly in the Wholesale, Small and Medium Enterprises (SMEs) and invisibles windows.
The Acting Director of the CBN Corporate Communications, Isaac Okorafor confirmed that the apex Bank had offered the total sum of $100 million to the wholesale segment, while the SMEs segment received the sum of $55 million.
He said that the invisibles segment, comprising tuition fees, medical payments and Basic Travel Allowance (BTA), among others, also received an allocation of $55 million.
According to him, the releases were aimed at boosting liquidity, trade and ease of remittances for legitimate personal commitments.
Okorafor said that the Bank is satisfied with the current rate of N360/$1, adding that the continued intervention by the CBN in the inter-bank forex market had largely checked unwholesome activities of currency speculators.
He stressed that the CBN would not relent in its monitoring of the market in order to ensure that authorised dealers abide by the extant rules.
It will be recalled that the CBN, in its last inter-bank Foreign Exchange Market, doled out the sum of $195,000,000.
This is even as the naira, as at today, Monday, maintained its steady rate against major currencies around the globe, exchanging for N360/$1 in the BDC segment of the market.