In spite of a lull in Forex trading activities towards the end of last week, the Central Bank of Nigeria (CBN) has assured of its determination to sustain stability in the foreign exchange by continually making intervention in the inter-bank market.
Information reaching us indicated that the CBN had vowed not to allow the gains made by it recent in recent time to be frittered away by temporary setback.
It was learnt that the apex bank did not make major interventions all through the week ending May 12 because there was a surfeit of foreign exchange in the system, and that the bank would continue to make necessary interventions to ensure the stability of the naira.
It was further gathered that the windows established by the CBN for Small and Medium Enterprises (SMEs) as well as for investors and exporters were yielding the desired results by providing access to forex and easing pressure on the market.
Meanwhile, the apex bank’s Acting Director of Corporate Communications, Isaac Okorafor confirmed the development and said that the bank’s commitment to ensure that there is enough supply of forex to genuine customers to achieve the goal of forex rates convergence.
It will be recalled that the CBN since February 2017 has been involved in massive interventions in all segments of the interbank market to ensure liquidity and availability of forex. [myad]
