CBN injects $364m in the Forex market

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Nigerian Central Bank, Abuja, Nigeria.

The Central Bank of Nigeria has continued to intervened in the Inter-Bank market with the injection of $364m to sustain liquidity of Foreign Exchange. Mr Isaac Okorafor, the Acting Director of Corporate Communications Department, CBN said this in a statement on Tuesday in Abuja.

Okorafor said the Retail Secondary Market Intervention Sales received the largest allocation of about $264.1m. $100m was offered to authorised dealers in the wholesale window.

“The CBN also received requests from authorised Forex dealers on behalf of their customers, for which results will be released. “The bank remains committed to achieving a convergence of rates at the inter-bank and Bureau-de-Change segments of the market,” he said.

The apex bank had recently intervened in the wholesale, Small and Medium Enterprises and invisible windows to the tune of $195m. Meanwhile, the CBN said payment for port charges to the Nigerian Ports Authority and other agencies by oil marketing companies could now be accommodated by the bank using Form ‘A’.