Forex Market Get Boosts With $195 By The Central Bank Of Nigeria (CBN)

This is to inform the general public that on Monday, the Central Bank of Nigeria (CBN) boosted the Foreign Exchange (FOREX) market by 195 million dollars intervention in three segments of the market.

This statement was made in Abuja on that same Monday by the CBN the Acting Director, Corporate Communications Department, Mr Isaac Okorafor, who also said that in the wholesale segment of the inter-bank foreign exchange market, the bank auctioned 100m dollars and also intervened in the Small and Medium Enterprises (SMEs) with 50 million dollars and the invisible segments was also offered 45 million dollars intervention.

The intervention in the new week followed the major intervention last week which was;
* 462 million dollars
* 336 million dollars
* 426.74 million dollars

Of which about;
* 267 million dollars was offered for the Retail Secondary Market Intervention Sales (SMIS), while
* 100 million dollars was offered as wholesale interventions.

The Small and Medium Enterprises (SMEs) forex window got;
* 50 million dollars while
* 45 million dollars was offered for
the invisibles which included Business/Personal Travel Allowances, tuition and medical fees.

According to Mr Okorafor “leadership of CBN was upbeat with the positive impact its current foreign exchange management was having on the manufacturing sector, agriculture and economic activities across the country and reiterated the CBN governor’s desire to achieve stability and ultimately ensure convergence of rates in the market.