The Central Bank of Nigeria has injected another sum of $210m into the interbank foreign exchange market.
The CBN said the new supply was part of efforts to ensure liquidity
in the forex market in order to meet customers’ requests in various
segments of the market.
According to a statement, the apex bank offered $100m to authorised
dealers in the wholesale segment of the market, while the Small and
Medium Enterprises segment received the sum of $55m.
It said customers requiring forex for invisibles such as tuition
fees, medical payments and basic travel allowance were also allocated
the sum of $55m.
The Acting Director, Corporate Communications Department, CBN, Mr
Isaac Okorafor, reassured the public that the bank would continue to
intervene in the interbank forex market in line with its quest to
sustain liquidity in the market and maintain stability.
Last Friday, the CBN intervened to the tune of $318.73m to cater
for requests in the retail segment of the forex market. The naira
continued its stability in the forex market, exchanging at an average of
N360 to the dollar in the BDC segment of the market on Tuesday, and
stood at 305.750/$ in the official market.
Meanwhile, the Nigeria Mortgage Refinance Company has said it is
seeking approval from its members to triple the size of its debt
programme to N440bn by the end of the month.
The state-backed mortgage agency said on Monday that Nigeria set up
a mortgage-backed guarantee company in 2014, partly with World Bank
aid, in an effort to boost lending through the creation of a secondary
housing market, which it described as virtually non-existent in the
country.
The NMRC, in a notice to members, said the notes could be issued
through non-convertible loans and bonds, either through public offering,
private placement or a book-building process, according to Reuters.