The Central Bank of Nigeria (CBN) yesterday sustained its fund intervention in the inter-bank segment of the foreign exchange (forex) market by pumping a total sum of $482.6 million into the market.
The distribution of intervention indicated that the retail Secondary Market Intervention Sales (SMIS) was allocated the sum of $285,779,350, while $100 million was offered in the Wholesale SMIS auction window. The Small, Medium and Enterprises (SMEs) window was allocated the $52 million, while the invisibles segment, comprising Basic Travel Allowance (BTA), Personal Travel Allowance, medicals and tuition fees, among others, was allocated the sum of $45 million.
In a statement by the Acting Director, Corporate Communications at the CBN, Isaac Okorafor, said the interventions were in line with the bank’s resolution, echoed by the Governor, Godwin Emefiele, at last week’s briefing of the Monetary Policy Committee (MPC) meeting and he expresses optimism that central bank’s objective of exchange rate convergence would be achieved and stabilised across all segments of the market.
Mr. Okorafor reiterated the CBN call on stakeholders to play their respective roles in ensuring a smooth running of the foreign exchange market for the overall benefit of the economy. If all stakeholders play by the responsibilities the interventions will be more vigorous than before to underscore the fact that we are determined to ensure that the Nigerian economy recovers, by making sure that foreign exchange is being made available to operators of the economy to conduct their businesses.