The
Central Bank of Nigeria (CBN) yesterday, boosted liquidity in various
segments of the inter-bank foreign exchange market with the total of
$195 million. At Monday’s Forex trading, the CBN offered the sum
of $100,000,000 as wholesale interventions and allocated the sum of
$50,000,000 to the Small and Medium Enterprises (SMEs) forex window.
The
invisibles segment comprising Business/Personal Travel Allowances,
tuition and medical fees, among others, received $45,000,000.
The
Bank’s acting director in charge of Corporate Communications, Mr. Isaac
Okorafor, said the bank continued to intervene in the inter-bank sector
in order to ensure adequate liquidity in the market.
According
to him, the CBN management was quite pleased with the performance of the
naira against other major currencies around the world, particularly now
that the forex rates at both the inter-bank and BDC segments neared
convergence.
Mr. Okorafor expressed optimism that the Bank’s
intervention had put a check on the activities of speculators, just as
he underscored the determination of the CBN in sustaining stability in
the forex market through thorough monitoring of authorised dealers in
order to reduce incidences of sharp practices.
Meanwhile, the
naira maintained its steady rate against major currencies around the
globe, exchanging for N363/$1 in the BDC segment of the market on
Monday, July 24, 2017.
Ahead of the decisions of the Monetary
Policy Committee (MPC) on Tuesday, July 25, 2017, the Central Bank of
Nigeria (CBN) on Monday, July 24, 2017 boosted liquidity in various
segments of the inter-bank foreign exchange market with the total of
$195 million.
At Monday’s Forex trading, the CBN offered the sum
of $100,000,000 as wholesale interventions and allocated the sum of
$50,000,000 to the Small and Medium Enterprises (SMEs) forex window.
The
invisibles segment comprising Business/Personal Travel Allowances,
tuition and medical fees, among others, received $45,000,000.
Okorafor said the Bank continued to intervene in the inter-bank sector in order to ensure adequate liquidity in the market.
According
to him, the CBN management was quite pleased with the performance of
the naira against other major currencies around the world, particularly
now that the forex rates at both the inter-bank and BDC segments neared
convergence.
Mr. Okorafor expressed optimism that the Bank’s
intervention had put a check on the activities of speculators, just as
he underscored the determination of the CBN in sustaining stability in
the forex market through thorough monitoring of authorised dealers in
order to reduce incidences of sharp practices.
Meanwhile, the
naira maintained its steady rate against major currencies around the
globe, exchanging for N363/$1 in the BDC segment of the market on
Monday, July 24, 2017.