CBN injects $195m into FX market

Following its 800 million dollars intervention in the Interbank Foreign Exchange Market last week , the Central Bank of Nigeria (CBN ) , on Monday , injected 195 million dollars into the market to meet the requests of customers in the various segments of the market .
The acting Director, Corporate Communications , Mr Isaac Okorafor, said in a statement in Abuja that the bank would soon introduce a new FOREX retail option.
Giving a breakdown of funds injected on Monday , he said the apex bank offered 100 million dollars to authorised dealers through the interbank wholesale window , while it allocated $ 50 m to Small and Medium Enterprises window .
Okorafor said the Invisibles segment was allocated $ 45 million dollars to meet the needs of those who applied for FOREX to settle Business/ Personal Travel Allowances , school tuition and medicals .
The CBN spokesperson said the bank would continue to ensure adherence to its forex policy by insisting on transparency by stakeholders to guarantee stability in the market .
The CBN made two major interventions in the interbank Forex market last week , totaling $ 831 . 5 m .
Since February 2017 , the bank had boosted transactions at the Investors ’ and Exporters ’ segment of the market to the tune of $ 2 . 2 bn .
Also last week , the CBN , in a bid to tackle inflation , unveiled plan to mop up N200 . 32 bn from the Nigerian banking system through special Open Market Operation (OMO ) at the rate of 16 per cent per annum .
Meanwhile , the Naira had continued to maintain its stability in the FOREX market , exchanging at an average of N364 to a dollar at the parallel segment of the market on Monday .