CENTRAL Bank of Nigeria
CBN said it intervened
in the inter-bank Foreign
Exchange Market to the tune
of $210,000,000 yesterday.
The apex bank intervention
is coming on the heels of the
Monetary Policy Committee
MPC last meeting for 2017
on Monday, November 20,
2017.
Figures obtained from
the Bank reveal that the
interventions were in the
Wholesale, Small and
Medium Enterprises (SMEs)
and invisibles windows.
Confirming the figures, the
Acting Director, Corporate
Communications at the
CBN, Mr. Isaac Okorafor said
the Bank offered the total
sum of $100million to the
wholesale segment, while
the SMEs segment received
the sum of $55 million. He
said the invisibles segment,
comprising tuition fees,
medical payments and Basic
Travel Allowance (BTA),
among others, also received
an allocation of $55 million.
According to him, the
releases were aimed at
boosting liquidity, trade
and ease of remittances
for legitimate personal
commitments.
Okorafor said the Bank
was quite pleased with the
rate of N360/$1, noting that
the continued intervention
by the CBN in the inter-bank
forex market had largely
checked unwholesome
activities of currency
speculators. He, however,
stressed that the CBN would
not relent in its monitoring of
the market in order to ensure
that authorised dealers abide
by the extant rules.
It will be recalled that the
CBN in its last intervention
outing, intervened in the
inter-bank Foreign Exchange
Market with the total sum of
$195,000,000.
Meanwhile, the naira
maintained its steady rate
against major currencies
around the globe,
exchanging for N360/$1
in the BDC segment of
the market on Monday,
November 20, 2017.

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