Forex market gets another $262.5m boost from CBN

Forex market gets another $262.5m boost from CBN

- Nigeria's apex bank Central Bank of Nigeria continues to intervene in the inter-bank Foreign Exchange Market

- CBN on FRiday, January 12, intervenes with $265.5 million

- This was in favour of the following sectors agricultural, airlines, petroleum products and raw materials and machinery

The Central Bank of Nigeria (CBN) on Friday intervened in the inter-bank Foreign Exchange Market with 262.5 million dollars.

Data obtained from the CBN in Abuja revealed that the sum was in favour of the agricultural, airlines, petroleum products and raw materials and machinery sectors.

The Acting Director in charge of Corporate Communications at the bank, Mr Isaac Okorafor, confirmed the figures, noting that the releases remained targeted at boosting production and trade in addition to sustaining liquidity in the market.

According to him, the CBN will not relent in its resolve to make the inter-bank forex market liquid; stressing that the Bank is committed to driving economic growth and guaranteeing stability in the market.

Okorafor also reiterated that the Bank’s intervention had effectively checked the activities of speculators, assuring that the Bank would continue to thoroughly monitor the activities of authorised dealers in order to checkmate possible sharp practices.

Meanwhile, the Naira exchanged at N359 to a United States dollar on Friday, maintaining its stability in the market.

According to an earlier report by NAIJ.com, the Association of Bureaux De Change Operators of Nigeria (ABCON) listed recipes for a stronger naira and a more stable exchange rate in 2018.

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Alhaji Aminu Gwadabe, President of ABCON, said the recipes were agreed at a meeting of the operators in Lagos.

Gwadabe urged the CBN to ensure the convergence of deposit money banks rate and that of the BDCs, for a healthy competition that would achieve a stronger naira.

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Source: Naija.ng

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