FOREX Market Gets $195m CBN Lifeline
Godwin Emefiele, CBN Governor[/caption]
The Central Bank of Nigeria on Wednesday approved the sum of $195 million to maintain stability of the naira in the FOREX market.
This was according to CBN’s Acting Director, Corporate Communications Department, Mr. Isaac Okorafor, who gave a breakdown of how the Apex Bank lifted various segments of the inter-bank market with the said sum.
According to Okoroafor, “Authorized dealers in the wholesale window segment received a $100 million offer from the Bank, while the Small and Medium Enterprises (SMEs) and invisibles windows were allocated the sums of $50 million and $45 million, respectively.”
Advertisement
The CBN, while commending stakeholders in the market, said it was impressed by the high level of transparency displayed by the participants.
The Apex Bank had last week Friday allocated $240 million to the Retail Secondary Market Intervention Sales (SMIS) for spot and forward deals.
Okoroafor noted that “With the rate of inflation dropping from its April 2017 figure of 17.24% to 16.25 % at the end of May, 2017, the CBN remains upbeat that the fortunes of the Naira will improve further in the months to come.”
He said “the naira continued its stability in the FOREX market, exchanging at an average of N363/$1 in the BDC segment of the market on Wednesday, June 28, 2017.”
