Business
CBN pumps $210m into forex market
The Central Bank of Nigeria (CBN) has again intervened in the foreign exchange market by injecting $210 million into the inter-bank sector of the foreign exchange market, the wholesale segment and other sectors of the market.
According to figures released by the apex bank on Thursday, the wholesale sector of the market got another injection of $100m, while the Small and Medium Enterprises and invisibles sectors each received $55m.
The Director, Corporate Communications Department, CBN, Mr Isaac Okorafor, noted that Thursday’s forex interventions is in continuation of the apex bank’s resolve aimed at sustaining the high level of stability in the forex market and to continually ease access to the currency by customers in the different sectors.
Okoroafor, who lauded actors in various sectors of the forex market for the level of stability, in spite of the activities of the speculators, assured that the CBN was ready to play its interventionist role in the market.
It would be recalled that the CBN in its last interventions early in December 2018, injected the sum of $299.82m and CNY143.60m into the Retail Secondary Market Intervention Sales.
Read also: DEBT: Nigerian govt to cut down on domestic short-term borrowing
$1 however exchanged for N360 in the Bureau De Change segment of the market on Thursday.
In a related development, the CBN, in its first half of the year report, said that it sustained its intervention at the interbank and BDC segments, to engender stability in the foreign exchange market.
According to the report, the bank, in agreement with the Banker’s Committee, abolished commission charges on invisible foreign exchange transactions such as Business Travel Allowance, Personal Travel Allowance, medical and school fees.
The CBN also increased the frequency of foreign exchange cash sales to the BDCs from twice to thrice per week, and adjusted the selling rate, downward to N357/$, the report stated.
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