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CBN sustains naira with $195m forex intervention

CBN sustains naira with $195m forex intervention
October 24
08:03 2017
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The Central Bank of Nigeria (CBN) on Monday boosted the inter-bank foreign exchange market with an additional $195m, even as the naira maintains stability.

Exchanging at an average of N360 to $1 in the bureau de change segments (BDC) of the market, the apex bank says it is committed to sustaining liquidity and achieving convergence of rates in the interbank and BDC segments of the forex market.

Figures from Monday’s trading showed that the bank offered $100 million for wholesale interventions and allocated the sum of $50 million to the small and medium enterprises (SMEs) forex window.

For the invisibles segment, customers requiring forex for business/personal travel allowances, tuition and medical fees, among others, got $45 million.

Confirming the figures, Isaac Okorafor, director of corporate communications, CBN, expressed confidence in the bank’s interventions to sustain the naira’s value against the dollar and other major currencies of the world.

“The market will remain very stable as long as every player sticks to the forex guidelines,” he said.

The CBN had in early September injected $195 million into the forex market, with an additional $308.5 million introduced at the end of the same month.

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Exchange Rates

September 06, 2018USDGBPEUR
INTERBANK360.45480.18420.32
LAGOS360485425
KANO361483423
PH362482423
ABUJA362481423
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
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