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CBN Makes $210m FOREX Intervention

By Tony Obiechina, Abuja

The Central Bank of Nigeria (CBN) on Friday made a Foreign Exchange (FOREX) of $210 million in the inter-bank sector of the market.

The intervention is the first for 2019.

The CBN Director, Corporate Communications, Isaac Okorafor, said the wholesale sector of the market received $100 million, while the Small and Medium Enterprises (SMEs) received $55 million.

He said another $55 million was allocated to customers requiring foreign exchange for business and personal travels, tuition or medical fees.

Okoroafor assured that the apex bank would continue from where it stopped in 2018, in order to maintain the stability being enjoyed in the market.

The CBN spokesman pointed out that the Bank had made commendable effort in keeping the exchange rates at the current levels.
According to him, the current capital flow reversals from the emerging markets were expected to bring out pressures on the market rates.

He, however, assured that, in spite of the anticipated pressures, coupled with the forthcoming elections, the bank was committed to maintaining the current exchange rate policy, given the level of reserves.

“The CBN is determined to sustain a stable exchange rate as it continues to put in place relevant measures to shore up the country’s reserves,” Okorafor said in a statement.

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