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FOREIGN EXCHANGE MARKET

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FOREIGN EXCHANGE MARKET by : 9:08 am On August 7, 2018

Abuja – The Central Bank of Nigeria (CBN), on
Tuesday intervened in the inter-bank sector of
the Foreign Exchange market to the tune of
210 million dollars.
Governor, Central Bank of Nigeria (CBN),
Mr Godwin Emefiele
The Acting Director, Corporate
Communications Department of CBN, Mr
Isaac Okoroafor, said the intervention
was in continuation of the bank’s
commitment to maintain stability in the
market and enhance production and
trade.
Okoroafor said that the Wholesale sector of
the market got a boost of 100 million dollars,
while the Small and Medium Enterprises
(SMEs) and invisibles sectors were each
offered 55 million dollars.
Okoroafor said the monetary regulator was
pleased with the cooperation by players in the
inter-bank market, which he noted had enjoyed
a great deal of stability following regular
interventions by the CBN.
He further expressed optimism that the first
Monetary Policy meeting (MPC) of the CBN
slated for early next month would add
positively to the monetary policy activities of
the bank.
He, therefore, urged Nigerians to remain
optimistic about the economic outlook for
2018, stressing that the CBN remain people-
centred.
The New Agency of Nigeria (NAN) recalls that
the CBN had on March 23, sustained its
intervention in the foreign exchange market by
injecting 339.89 million dollars in the Retail
Secondary Market Intervention Sales (SMIS)
segment.
Meanwhile, the Naira exchanged at N360 to a
dollar in the Bureau De Change (BDC) segment
of the market. (NAN)

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