The Central Bank of Nigeria (CBN) on Tuesday continued to intervene in the country’s inter-bank foreign exchange market with the injection of fresh $210 million.
Figures obtained from the bank on Tuesday showed the wholesale sector of the market was allocated $100 million, while $55 million each was supplied to the Small and Medium Enterprises (SMEs) and the invisibles sectors to take care of the requirements for basic transport allowance, school tuition fees and medical bills.
The CBN spokesperson, Isaac Okorafor, said the interventions were to sustain the bank’s commitment to maintain stability in the market as well as enhance production and trade.
Mr Okorafor said the monetary sector regulator was satisfied with the cooperation by players in the inter-bank market.
He said the market has enjoyed tremendous stability and customers’ seamless access to foreign exchange for their business and other needs following regular interventions by the CBN.
He said he remained optimistic the first monetary policy meeting of the bank in 2018 scheduled for April 3 and 4 in Abuja would come up with resolutions that would boost monetary policy activities of the bank.
Urging Nigerians to remain optimistic about the economic outlook for 2018, Mr Okorafor said the CBN remained people-centred in its policies .
Last Friday, the CBN maintained its intervention in the FOREX market by injecting about $339.89 million in the Retail Secondary Market Intervention Sales (SMIS).
At the close of business on Tuesday, the naira exchanged at N360 to the dollar in the Bureau De Change (BDC) segment of the market, showing a steady performance against international currencies.
