CBN Makes Second Forex Intervention Of The Year With $210 Million

The Central Bank of Nigeria (CBN) has continued its intervention in the
inter-bank sector of the Foreign Exchange market by injecting another sum
of $210 million into the forex market.
In the forex trading on Tuesday, January 8, 2019, the CBN injected the sum
of $100 million in the wholesale segment of the market in addition to the
sum of $55 million each in the Small and Medium Enterprises (SMEs) and
invisibles sectors.
The Director, Corporate Communications Department, Isaac Okorafor,
disclosed these on Tuesday and reiterated that the Bank was unrelenting in
its resolve to sustain liquidity in the forex market as well as maintain
stability there.
Mr. Okorafor stressed that the CBN’s continued intervention was aimed at
ensuring that the Bank meets the requests of genuine customers in the
various windows of the market.
On the Bank’s restriction of access to forex for some 42 items, he said the
policy would continue, particularly as it was greatly boosting local
production of items on the list.
He disclosed that the Economic Intelligence Unit of the CBN was working
closely with relevant government agencies to checkmate any attempt to
flout the policy.
Meanwhile, the United States Dollar at the rate of US$1 for N358 in the
Bureau De Change (BDC) segment of the market on Tuesday, January 8,
2019.
By Gom Mirian, Abuja

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