The
Central Bank of Nigeria (CBN) on Monday,
intervened in inter-bank Foreign Exchange Market with the supply of 195 million
dollars as part of effort to stabilise the market.
The acting
Director, Corporate Communications of the apex bank, Mr. Isaac Okorafor, in a
statement, said 100 million dollars was offered through the wholesale segment.
He said
that Small and Medium Enterprises (SMEs) segment received 50 million dollars,
while tuition fees, medical payments and Basic Travel Allowance (BTA), among
others, got 45 million dollars.
Okorafor
said that the CBN was pleased with the state of the market, and assured that
the bank would continue to intervene in order to sustain liquidity in the
market and guarantee international value of the naira.
He said
the apex bank remained determined to achieve its objective of rates
convergence, “hence the unrelenting injection of intervention funds into the
foreign exchange market.”
Okorafor
expressed optimism that the naira would sustain its run against the dollar and
other major currencies around the world, considering the level of transparency
in the market.
He,
therefore, advised stakeholders to abide by the guidelines to ensure
transparency in the market.
The News
Agency of Nigeria reports that last week, the CBN intervened in the various
segments of the foreign exchange market with the injection of 396.8 million
dollars.
Meanwhile,
the naira continued to maintain its stability in the market, exchanging at an
average of N364 to a dollar in the Bureau de Change segment of the market.
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