CBN deepens forex intervention, injects $210m

The Central Bank of Nigeria has continued its intervention in the inter-bank sector of the foreign exchange market by injecting another sum of $210m into the forex market.

In the forex trading on Tuesday, the CBN injected $100m in the wholesale segment of the market in addition to the sum of $55m each in the Small and Medium Enterprises and invisibles sectors.

The Director, Corporate Communications Department, Isaac Okorafor, who disclosed this, reiterated that the bank was unrelenting in its resolve to sustain liquidity in the forex market as well as maintain stability there.

Okorafor stated that the CBN’s continued intervention was aimed at ensuring that the bank met the requests of genuine customers in the various windows of the market.

On the bank’s restriction of access to forex for some 42 items, he said the policy would continue, particularly as it was greatly boosting local production of items on the list.

He disclosed that the Economic Intelligence Unit of the CBN was working closely with the relevant government agencies to checkmate any attempt to flout the policy.

Meanwhile, the dollar was at the rate of $1 for N358 in the Bureau De Change segment of the market on Tuesday, it added.
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