TheCable

The Central Bank of Nigeria (CBN) says it has provided additional $195 million to the inter-bank foreign exchange market in continuation of its forex supply drive.

In a statement released on Monday, the apex bank said it offered $100million to the wholesale segment, while the small and medium enterprises (SMEs) segment received $50 million.

The invisible segment, comprising tuition fees, medical payments and basic travel allowance (BTA), among others, received $45 million.

Isaac Okorafor, CBN acting director, said the bank is pleased with the state of the forex market.

He added the bank would continue to intervene in order to sustain the liquidity in the market and guarantee the international value of the naira.

Okorafor said the bank is determined to achieve its objective of rates convergence hence the continued injection of intervention funds into the foreign exchange market.

Expressing optimism that the naira would sustain its run against the dollar and other major currencies given the level of transparency in the market, Okorafor advised stakeholders to abide by the guidelines to ensure transparency in the market.

Since the apex bank changed its forex policy, it has continued weekly injections of forex into the market with the most recent being $396.8 million.

CBN also increased the weekly allocation to bureaux de change operators across the country.

On Monday, the naira maintained its stability in the forex market exchanging at an average of 367 to a dollar.