CBN Injects Another $205m into FOREX Market

The Central Bank of Nigeria (CBN) yesterday, injected over $205 million in to the foreign exchange market. This is com­ing on the heels of the outcome of the ongoing Monetary Policy Com­mittee meeting in Abuja.
A breakdown of what analysts termed as another massive interven­tion showed that the sum of $100 million was re­leased for the wholesale segment of the market for both spots and for­wards.

Also, Basic Travel Al­lowance (BTA) which comes under invisibles segment garnered $50 million while the Small and Medium Scale En­terprises (SME) segment got $55 million.
Meanwhile, the ex­change rate convergence expectation of the CBN is fast being attained with the Naira exchange rate hovering between N375 and N385 to the Dollar.
The CBN Acting Di­rector of Corporate Communications, Mr. Isaac Okorafor, told re­porters in Abuja that the Investors and Exporters segment of the market had so far recorded a trade volume in the sum of $1.1 billion from both the CBN and autono­mous windows.
According to him, this is an indication of the appreciable level of confidence in the foreign exchange management by foreign investors and autonomous suppliers of foreign exchange to the market.