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.
The bank said underlined its determination to protect the value of the naira.
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.
Also, 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 Isaac Okorafor, the Acting Director, Corporate Communications at the CBN, 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, he expressed
optimism that the central bank’s objective of exchange rate convergence
would be achieved soon.
He said 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.
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