CBN Boosts Forex With $210m

Mr. Isaac Okorafor, CBN Acting Director of Corporate Communications
Mr. Isaac Okorafor, CBN Acting Director of Corporate Communications

The Central Bank of Nigeria (CBN) has boosted the interbank window of Nigeria’s Foreign Exchange market with $210,000,000 though N360 exchanges for $1 as at Tuesday, December 18.

Tuesday’s interventions were for the Wholesale, Small and Medium Enterprises (SMEs) and Invisibles segments of the market.

Mr. Isaac Okorafor, acting Director, Corporate Communications at the CBN, stated that the bank offered $100 million to the wholesale segment, while the SMEs and Invisibles segments each received $55 million.

Okorafor reiterated that the releases were meant to boost liquidity, trade and ease of remittances for legitimate personal commitments.

Despite the stable rate of N360/$1 and the expected inflow from various sources such as the Eurobond and remittances from the Diaspora, he said the Bank would continue to intervene in the inter-bank forex market to guarantee liquidity.

Noting that the interventions had largely checked unwholesome activities of currency speculators, he said that the CBN would not relent in its daily monitoring of activities in the market in order to ensure that all concerned operate in line with extant rules.