A breakdown of the figures indicates that the CBN offered the sum of $100 million to authorized dealers in the wholesale segment of the market, just as it allocated the sum of $55 million each to the Small and Medium Enterprises (SMEs) segment and the invisibles segment to meet the needs for tuition fees, medical payments and Basic Travel Allowance (BTA), among others.
Confirming the releases, the CBN Acting Director in charge of the Corporate Communications Department (CCD), Isaac Okorafor, said that the continued intervention by the Bank is in line with the CBN Governor’s commitment to ensure liquidity in the market as well as reduce pressure on the naira.
Okorafor said that the CBN is satisfied with the current market situation which was brought about by policies it had put in place to check forex speculators, round trippers and rent-seekers.
According to him, these policies have helped to stabilize the exchange rate in addition to the establishment of the Investors-Exporters window, which had increased fx supply with over $20 billion inflow since its inception.
Okorafor assured that the Bank will not relent in its effort to manage the country’s forex with a view to reducing its import bills and checking any hemorrhage of its foreign reserves.
The CBN, in its last intervention on Tuesday, April 10, gave out the tune of $210 million to cater for requests in the various segments of the forex market.
Meanwhile, the naira continued its stability in the FOREX market, exchanging at an average of N360/$1 in the BDC segment of the market today, Wednesday.
