CBN makes another $210m Intervention in forex market

By Chioma Obinagwam

The Central Bank of Nigeria (CBN), Nigeria’s Apex bank, has sustained its intervention in the Inter-Bank Foreign Exchange (Forex) Market for the second time this year, injecting $210 million into the various segments of the market.

The Director, Corporate Communications, CBN, Mr. Isaac Okorafor, on Tuesday in Abuja, said the apex bank offered $100 as wholesale interventions and allocated $55 million to Small and Medium Enterprises (SME).

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

The CBN spokesman said the bank was pleased with the performance of the naira because it had continued to enjoy stability against the dollar and other major currencies of the world in recent times.

He reassured the public that the CBN would continue to intervene in the inter-bank foreign exchange market to ensure liquidity in the foreign exchange market and maintain stability.

On the Bank’s restriction of access to foreign exchange for some 42 items, he said the policy would continue, particularly as it was greatly boosting local production of items on the list.

He disclosed that the Economic Intelligence Unit (EIU) of the CBN was working closely with relevant government agencies to checkmate any attempt to flout the policy.

Meanwhile, the naira on Tuesday exchange for N358 to a dollar at the Bureau De Change segment of the market.