CBN uplifts FX market with $308.5m

The Central Bank of Nigeria (CBN) yesterday pumped $308.5million into the market. It will be recalled that the apex bank opened the week with a boost of $195million ahead of the Monetary Policy Committee (MPC) decisions. A total sum of $195million was offered in three segments of the market.

In the wholesale Secondary Market Intervention Sales (SMIS), of the inter-bank Foreign Exchange market, it auctioned $100million and also intervened in the Small and Medium Enterprises (SMEs) and invisible segments, with the sum of $50 million and $45million respectively.

This brings the total intervention for the week to a sum of $503.5million. The CBN Acting Director, Corporate Communications Department, Mr. Isaac Okorafor, who gave the figures in Abuja yesterday, announced that the latest intervention of the CBN in the retail segment was part of the regular interventions of the apex bank, in line with its commitment to sustain liquidity to meet genuine requests in the market.

While warning against speculations in the market, Okorafor said the CBN had put necessary checks in place to guard against the activities of speculators.

He stressed the determination of the bank to continue its forex intervention. He encouraged genuine users of foreign exchange to approach their banks, as the banks had enough forex to meet their demand.