The Central Bank of Nigeria (CBN) has stepped into the inter-bank sector of the Foreign Exchange market, yet again, intervening in the wholesale segment and other sectors of the market to the tune of $210million.
Figures released by the Bank on Tuesday showed that the wholesale sector of the market got another injection of $100 million, while the Small and Medium Enterprises (SMEs) and invisibles sectors each received $55 million.
The Acting Director, Corporate Communications Department at the CBN, Mr. Isaac Okorafor, said that Tuesday’s interventions, like the previous intermediations, 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, while commending the role of every player in the market, said 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 also said 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.
Speaking further, Okorafor said the country’s reserves continues to enjoy accretion, adding that the present reserves status at the Bank means that the CBN is capable of sustaining foreign exchange liquidity in the system.
Tuesday’s intervention came as one United States Dollar (US$1) exchanged for N361 in the Bureau De Change (BDC) segment of the market.
The CBN in its last interventions on April 20, injected the sum of $396.18million into the Retail Secondary Market Intervention Sales (SMIS).
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