The Central Bank of Nigeria (CBN) has confirmed the stability in the forex market and is hopeful that the move to ensure exchange rate convergence will soon yield dividend.
The Acting Director of the Corporate Communications, Isaac Okorafor, who confirmed the development on behalf of the apex bank today Friday, is optimistic that the CBN’s goal of exchange rate convergence is fast becoming a reality.
He added that the CBN is committed to ensuring liquidity in the forex market.
He said that the apex bank had, today, allocated sum of $240 million to the Retail Secondary Market Intervention Sales (SMIS) for spot and forward deals.
He also confirmed the sale of forex to dealers in the Bureau de Change (BDC) segment of the market to meet the needs of low-end forex users, adding that
the $240 million released to the Retail SMIS included deals initiated in the course of the out-going week.
It will be recalled that the CBN, in its interventions last week, injected about $831.5 million in the inter-bank Forex market and released figures indicating that the Bank had boosted transactions at the Investors’ & Exporters’ (I&E) segment of the market to the tune of $2.2bn.
Meanwhile, the naira continued to maintain its stability in the FOREX market, closing at an average of N365/$1 in the BDC segment of the market on Friday. [myad]
