Home BUSINESS CBN Sustains Liquidity In Forex Market, Injects $364 Million

CBN Sustains Liquidity In Forex Market, Injects $364 Million

Isaac Okorafor CBN SpokesmanThe Central Bank of Nigeria (CBN), in its determined effort to sustain liquidity in the Inter-Bank Foreign Exchange Market has injected the sum of $364 million into the foreign exchange market.
Sources at the Bank hinted the CBN received requests from authorized forex dealers on behalf of their customers, for which results will be released.
According to the sources, the Bank remained committed to achieving a convergence of rates at the inter-bank and Bureau-de-Change segments of the market.
A breakdown of the Tuesday’s forex intervention showed that the Retail Secondary Market Intervention Sales (SMIS) received the largest allocation of $264,192,252.95. The CBN also offered the sum of $100,000,000 to authorised dealers in the wholesale window.
It will be recalled that the Bank last week intervened in the wholesale, Small and Medium Enterprises (SMEs) and invisibles windows to the tune of $195 million.
The CBN is also believed to have improved foreign exchange availability in the Nigerian Forex Market and ameliorate challenges encountered by critical stakeholders.
It was gathered that payment for port charges to the Nigerian Ports Authority (NPA) and other agencies by oil marketing companies would now be accommodated by the Bank using Form ‘A.’
A circular endorsed by the Director, Trade and Exchange Department, Wuritka Dauda Gotring, directed authorized delears to accept the request for the payments of port charges from oil marketing companies and forward same to the CBN Forex win. [myad]