Isaac Okorafor, CBN spokesmanThe Central Bank of Nigeria (CBN) has stepped into the inter-bank sector of the Foreign Exchange market, intervening in the wholesale segment and other sectors of the market to the tune of $210 million.
Figures by the apex bank showed that the Wholesale sector of the market got another injection of $100 million, even as the Small and Medium Enterprises (SMEs) and invisibles sectors each received $55 million.
The Acting Director of the Corporate Communications Department of the CBN, Isaac Okorafor, confirmed the figures and said that today, Tuesday’s interventions, were in line with the Bank’s commitment to sustain the high level of stability in the Forex market and continually ease access to the currency by those requiring it for genuine activities.
Okorafor, who commended the role of every player in the market, said that the CBN is ready to inject funds into the market, whenever and wherever necessary, in order to maintain market stability as well as sustain the financial system.
He said that the financial regulator is further buoyed by recent gains in the foreign exchange sector, which had seen the country’s reserves soar closer to the $50 billion mark.
Okorafor said that the country’s reserves continued to enjoy accretion, adding that the present reserves status at the Bank meant that the CBN is capable of sustaining foreign exchange liquidity in the system.
Tuesday’s intervention came as one US Dollar exchanged for N361 in the Bureau De Change (BDC) segment of the market.
It will be recalled that the CBN in its last Friday’s interventions, injected the sum of $396.18 million into the Retail Secondary Market Intervention Sales (SMIS).
