How CBN strengthens the Naira with N195m interventions

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The Central Bank of Nigeria (CBN), on Wednesday intervened in various segments of the inter-bank market to the tune of 195million dollar to support  the Naira.

In a statement issued in Abuja, it said the move was continued effort to ensure stability of the currency.

A breakdown of Wednesday’s intervention indicates that authorised dealers in the wholesale window segment received a 100 million dollars offer from the Bank.

It added that the Small and Medium Enterprises (SMEs) and invisibles windows were allocated the sums of 50 million and 45 million dollars, respectively.

The Bank’s Acting Director, Corporate Communications Department, Mr Isaac Okorafor, confirmed the figures and disclosed that the Bank was impressed by the high level of transparency exhibited by stakeholders in the market.

It will be recalled that the CBN in its last intervention on Friday, June 23, allocated the total sum of 240 million dollars to the Retail Secondary Market Intervention Sales (SMIS) for spot and forward deals.

Okorafor said the Bank remained upbeat that the fortunes of the Naira would improve further in the months to come with the rate of inflation dropping from its April 2017 figure of 17.24 per cent to 16.25 per cent at the end of May.

Meanwhile, the Naira continued its stability in the FOREX market, exchanging at an average of N363/$1 in the BDC segment of the market on Wednesday.

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