CBN Again Pumps $195 Million Into Forex

The Central Bank of Nigeria (CBN), has once more pumped$195 million into Foreign Exchange Market in continuation of its FOREX supply drive in the inter-bank transaction.
Figures released by the Bank show that it offered a total sum of $100 million to the wholesale segment, while the Small and Medium Enterprises (SMEs) segment received the sum of $50 million.
The invisibles segment, comprising tuition fees, medical payments and Basic Travel Allowance (BTA), among others got $45 million.
According to the Acting Director of the apex Bank, Isaac Okorafor, the CBN is happy with the state of the Forex market.
He stressed that CBN would continue to intervene in order to sustain the liquidity in the market and guarantee the international value of the naira.
He said that the apex Bank is 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 will sustain its run against the dollar and other major currencies around the world, considering the level of transparency in the market.
He advised stakeholders to abide by the guidelines to ensure transparency in the market.
It will be recalled that the CBN, last week, intervened in the various segments of the Forex market with the sum of $396.8 million.
Meanwhile, the naira continued to maintain its stability in the FOREX market, exchanging at an average of N364/$1 in the BDC segment of the market today, Monday, July 17. [myad]