Following its 800 million dollars intervention in the
inter-bank Foreign Exchange (FOREX) Market last week, the Central Bank of
Nigeria (CBN), on Monday, injected 195 million dollars into the market to meet
the requests of customers in the various segments of the market.
The acting Director, Corporate Communications, Mr. Isaac Okorafor, said in a statement in Abuja
that the bank would soon introduce a new FOREX retail option.
Giving a breakdown of funds injected on Monday, he said the
apex bank offered 100 million dollars to authorized dealers through interbank
wholesale window, while it allocated 50 million dollars to Small and Medium
Enterprises (SMEs) window.
Okorafor said the Invisibles segment was allocated 45
million dollars to meet the needs of those who applied for FOREX to settle
Business/Personal Travel Allowances, school tuition and medicals.
The CBN spokesperson said the bank would continue to ensure
adherence to its forex policy by insisting on transparency by stakeholders to
guarantee stability in the market.
The CBN made two major interventions in the inter-bank Forex
market last week, totaling 831.5 million dollars.
Since February 2017, the bank had boosted transactions at
the Investors’ and Exporters’ segment of the market to the tune of 2.2 billion
dollars.
Also last week, the CBN, in a bid to tackle inflation,
unveiled plan to mop up N200.32 billion from the Nigerian banking system
through special Open Market Operation (OMO) at the rate of 16 per cent per
annum.
Meanwhile, the Naira had continued to maintain its stability
in the FOREX market, exchanging at an average of N364 to a dollar at the
parallel segment of the market on Monday.
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