CBN Injects $190m Into Forex Market

CBN Injects $190m Into Forex Market

CBN Injects 0m Into Forex Market

The Central Bank of Nigeria (CBN ) has injected
$190m into the foreign exchange ( forex ) market.

This is in a bid to achieve convergence of rates between
the interbank and Bureau de Change (BDC) segments of
the forex market.

This was disclosed by the CBN acting director, Corporate
Communications, Isaac Okorafor, in a statement on
Monday in Abuja .

He said $100m was offered as wholesale interventions
and $50m was allocated to the Small and Medium
Enterprises forex window.

The remaining $40m was also allocated to accommodate
customers requiring forex such purposes as business,
Personal Travel Allowances, tuition and medical fees.

Okorafor expressed optimism in the rise of the value of
the naira which he said would soon be boosted as forex
rates at both the inter-bank and BDC segments have
almost converged.

He urged all dealers, particularly licensed BDCs, to
continue to play by the rule, adding that the CBN would
not hesitate to prosecute anyone found to be subverting
its efforts.

Okorafor said that the CBN had also released new
guidelines to further develop the foreign exchange
market and improve its structure.

“The new circular, among other provisions, allows
authorised dealers to sell their excess foreign currency
to other authorised dealers without seeking prior
approval from the CBN,” he said.

Meanwhile, the naira continues to maintain its strong
stand against major currencies around the globe,
exchanging for N364 for one dollar in the BDC segment
of the market on Monday.

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