Home Business CBN sets to open Forex Market with $210m injection after Holidays

CBN sets to open Forex Market with $210m injection after Holidays

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The Central Bank of Nigeria (CBN) on Thursday, December 27, 2018, intervened in the inter-bank sector of the Foreign Exchange market, injecting $210 million in the wholesale segment and other sectors of the market as the markets resume after the Christmas and Boxing Day festivities.

Figures released by the Bank on Thursday indicated that the Wholesale sector of the market got another injection of $100 million, while the Small and Medium Enterprises (SMEs) and invisibles sectors each received $55 million.

Naira on Thursday traded stable at the investors and exporters forex window, closing at the rate of N364.45k per dollar according to the data obtained from FMDQ.

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However, the local currency depreciated by 0.02 percent to close at N307.00k per dollar on Thursday from N306.95k traded since December 17, at the official window of the CBN.

The Director, Corporate Communications Department at the CBN, Isaac Okorafor, said that Thursday’s forex interventions, in continuation of the Bank’s resolve, were aimed at sustaining the high level of stability in the Forex market and continually ease access to the currency by customers in the different sectors.

While lauding actors in various sectors of the forex market for the level of stability, in spite of activities of speculators, Okorafor assured that the CBN was ready to play its interventionist role in the market.

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It will be recalled that the CBN in its last interventions earlier in December 2018, injected the sum of $299.82 million and CNY 143.60 million into the Retail Secondary Market Intervention Sales (SMIS).

Meanwhile, one United States Dollar (US$1) exchanged for N360 in the Bureau De Change (BDC) segment of the market on Thursday, December 27, 2018.