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CBN sustains naira stability with $195m forex intervention

CBN sustains naira stability with $195m forex intervention
October 04
08:00 2017
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In continued efforts to sustain forex liquidity in the country, the Central Bank of Nigeria (CBN) has intervened in the inter-bank foreign exchange market with $195 million.

Data released by the bank shows that the apex bank offered $100 million to the wholesale segment while the small and medium enterprises (SMEs) segment received the sum of $50 million.

The invisibles segment, comprising tuition fees, medical payments and Basic Travel Allowance (BTA), among others, received $45 million.

Isaac Okorafor, acting director, corporate communications department at the bank, who confirmed the figures, said the CBN was pleased with the state of the forex market, adding that the bank will continue to intervene in order to sustain the liquidity in the market and guarantee the international value of the naira.

Okorafor reiterated the bank’s determination to sustain the provision of foreign exchange with a view to ensuring liquidity in the market and enhance accessibility and affordability for genuine end users.

According to him, the bank remained determined to achieve its objective of rates convergence, hence the unrelenting injection of intervention funds into the foreign exchange market.

CBN had last week intervened in the various segments of the forex market with the sum of $698.5 million.

Meanwhile, the naira continued to maintain its stability in the forex market, exchanging at an average of N364/$1 in the BDC segment of the market on Tuesday, October 3.

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Exchange Rates

August 08, 2019USDGBPEUR
INTERBANK306397354
LAGOS362475413
KANO361474413
PH361475412
ABUJA362476413
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
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