CBN opens week with $195m intervention

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The Central Bank of Nigeria on Monday offered $100m in wholesale auction at the inter-bank foreign exchange market and intervened in the Small and Medium Enterprises and invisible segments with the sums of $50m and $45m, respectively.

The CBN had on Friday sold $462m as part of its intervention in the interbank forex market.

The Acting Director, Corporate Communications, CBN, Mr. Isaac Okorafor, reiterated in a statement that the bank’s latest intervention was in line with its commitment to sustain liquidity in the market to meet genuine requests as well as deepen flexibility in the foreign exchange market.

Friday’s sale comprised $267.3m for the Retail Secondary Market Intervention Sales; $100m for wholesale interventions; $50m for the SMEs forex window; and $45m for invisibles.

Okorafor had said last week stated that the apex bank was impressed by the positive impact its current foreign exchange management was having on the manufacturing sector, agriculture and economic activities in general across the country.

He said the CBN would not continue working on achieving the objective of convergence between the exchange rates at the Nigeria Autonomous Foreign Exchange and the Bureau-de-Change segments of the market, even as he gave an assurance of proper surveillance of the forex market to guarantee transparency in the sale of foreign exchange.

Okorafor also encouraged those who genuinely required foreign exchange for their transactions to approach their banks, noting that the banks had enough forex to meet the demands within the timeframe stipulated by the CBN.

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