The Central Bank of Nigeria (CBN) on Tuesday sustained its intervention in the inter-bank segment of the foreign exchange (forex) market by injecting a total of $482.6 million into the market.
According to ThisDay, a breakdown of the intervention indicated that the retail Secondary Market Intervention Sales (SMIS) was allocated the sum of $285,779,350, while $100 million was offered in the Wholesale SMIS auction window.
In addition, the Small, Medium and Enterprises (SMEs) window got an allocation of $52 million, while the invisibles segment, comprising Basic Travel Allowance (BTA), Personal Travel Allowance, medicals and tuition fees, among others, was allocated the sum of $45 million.
According to the Acting Director, Corporate Communications at the CBN, Isaac Okorafor, the interventions were in line with the bank’s resolve, echoed by its Governor, Godwin Emefiele, at last week’s briefing of the Monetary Policy Committee (MPC) meeting.
While expressing pleasure that the intervention of the Bank had ensured stability across all segments of the forex market, Okorafor expressed optimism that the central bank’s objective of exchange rate convergence would be achieved soon.
Okorafor therefore reiterated his call to all stakeholders to play their respective roles in ensuring a smooth running of the foreign exchange market for the overall benefit of the economy.
Meanwhile, surveys in Abuja, Lagos, Kano and Port-Harcourt yesterday indicated that the naira traded between the range of N375-381 to the dollar. Emefiele had last week recalled that about three months ago, the local currency was trading at above N500 to the dollar on the parallel market, but has appreciated to between N370 and N375/$.
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