CBN Pumps $210m Into Foreign Exchange Market

The Central Bank of Nigeria (CBN) has intervened in the inter-bank market of the foreign exchange to the tune of $210million.

Figures obtained from the bank on Tuesday indicate that the wholesale sector of the market got a boost of $100million, while the Small and Medium Enterprises (SMEs) and invisibles sectors were offered $55million each.

The apex bank said the interventions were in continuation of its commitment to maintaining stability in the market as well as enhance production and trade.

It also commended the cooperation by players in the inter-bank market, saying it had enjoyed a great deal of stability and seamless access of customers to foreign exchange following regular interventions by the CBN.

The financial regulator was optimistic that the first Monetary Policy meeting (MPC) billed for April would add a fillip to the monetary policy activities of the CBN.

It, therefore, urged Nigerians to remain hopeful about the economic outlook for 2018, stressing that the CBN remained people-centred.

The CBN had on Friday last week sustained its intervention in the forex market by injecting the sum of $339.89 million in the retail Secondary Market Intervention Sales (SMIS).