Forex: CBN lifts market with $195m

On the first day of transaction after the Eid-el-Fitr celebration, the Central Bank of Nigeria (CBN) on Wednesday intervened in various segments of the inter-bank market to the tune of $195 million.

A breakdown of the day’s intervention indicates that authorised dealers in the wholesale window segment received $100 million offer from the bank, while the Small and Medium Enterprises (SMEs) and invisibles windows were allocated $50 million and $45 million respectively.

The Bank’s Acting Director, Corporate Communications Department, Mr. Isaac Okorafor disclosed that the Bank was impressed by the high level of transparency exhibited by stakeholders in the market.

CBN, in its last intervention on Friday, June 23, allocated $240 million to the Retail Secondary Market Intervention Sales (SMIS) for spot and forward deals.

With the rate of inflation dropping from its April 2017 figure of 17.24 per cent to 16.25 per cent at the end of May 2017, the CBN spokesman said the Bank remained upbeat that the fortunes of the Naira would improve further in the months to come.

Meanwhile, the Naira continued its stability in the foreign exchange market, exchanging at an average of N363/$1 in the Bureau de Change segment of the market on Wednesday.

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