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CBN INCREASES FOREX MARKET BY $195M

CBN INCREASES FOREX MARKET BY $195M

CBN INCREASES FOREX MARKET BY $195M

PUAH OMOKHUALE

The Central Bank of Nigeria (CBN) Monday has boosted the FOREX market by issuing the sum of $195m to three segments of the market.

This was stated during an interview with the Acting Director, Corporate Communications Department, Mr. Isaac Okorafor, while responding to some media enquiries.

Mr. Okorafor stated that during this season, there are pressures on the market from those seeking forex for school fees and vacations, but the Bank has held on to its goal to ensure that there is a sustained liquidity in the market and that genuine requests for FOREX are met. This will help to improve liquidity and flexibility in the market.

According to Mr. Okorafor, the wholesale segment of the inter-bank Foreign Exchange market is auctioned $100m and also intervened in the Small and Medium Enterprises (SMEs) and invisible segments, with the sum of $50 million and $45million respectively.

This report came through the last week’s intervention in which the retail secondary market intervention sales (SMIS) received the largest allocation of $264,192,252.95 and the authorized dealers in the wholesale window had the sum of $100,000,000.

It was also stated that last week, the CBN, in an attempt to enhance foreign exchange availability in the Nigerian Forex Market and tolerable challenges encountered by critical stakeholders. It was yet stated that payment for port charges to the Nigerian Ports Authority (NPA) and other agencies by oil marketing companies would henceforth be accommodated by the Bank using Form ‘A’.

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