FOREIGN EXCHANGE MARKET RECEIVES $210M BOOST FROM CBN

2018-06-07 13:28:33

The interbank segment of the Foreign Exchange market received a 210 Million dollar injection from the Central Bank of Nigeria (CBN) to further liberalize and boost liquidity in the Market.

Mr. Isaac Okorafor, The Acting Director, Corporate Communications of CBN, disclosed in a statement made in Abuja that the Bank has allocated the sum of 100 million dollars to dealers in the wholesale sector of the Foreign Exchange market, stating that Small and Medium Scale Enterprises (SMEs) received 55 million dollars whilst the invisibles such as; tuition fees, medical payments and Basic Travel Allowance were apportioned funds to the tune of 55 million dollars.

The Acting Director further stated that this is to further assure Nigerians that CBN would not relent on its pledge to intervene in the interbank Foreign Exchange market so as to maintain stability as well as liquidity in the market.

In an attempt to destabilise the Foreign Exchange market, it was learnt that false transaction rates were circulated in favour of the dollar against the Naira.

In the purported exchange rates across the major currencies, the dollar rose to N383 from N363; whilst the British pound recorded a reduction of N1 moving from N506 to N505; and the Euro followed suit in the reduction streak, losing N2, hence moving from N444 to N442.

This information has since been struck out as false as well as an indication of a planned attack on the naira. Rates across the parallel market have since remained the same.

The President of the Association of Bureau De Change (BDC) Operators, Aminu Gwadabe, described the rates as false, as the market remains calm, especially with the sustained intervention of the CBN.

 As a result, the Naira has continued to maintain stability in the market, exchanging at an average of ₦362 to the dollar at the BDC segment of the market.