CBN sustains liquidity in forex market with $210 million

The Central Bank of Nigeria (CBN), has injected another sum of $210 million into the inter-bank Foreign Exchange Market, in its desire to sustain liquidity in the forex market, and thereby ensuring that forex is available for customers’ needs in various segments of the market.

According to the figures obtained from the CBN yesterday, the bank offered $100 million to authorised dealers in the wholesale segment of the market, while the Small and Medium Enterprises (SMEs) segment received $55 million. Customers requiring foreign exchange for invisibles such as tuition fees, medical payments and Basic Travel Allowance (BTA), among others, were also allocated $55 million.

The bank’s Acting Director, Corporate Communications Department (CCD), Mr. Isaac Okorafor, confirmed the figures and reassured the public that the bank would continue to intervene in the interbank foreign exchange market in line with its desire to sustain liquidity in the market and maintain stability. He said that the steps taken so far in the management of forex was paying off, as reflected by reduction in the country’s import bills and accretion to its foreign reserves.

Last Monday, the bank injected $210m into the wholesale segment of the forex market.The naira also yesterday continued its stability in the Forex market, exchanging at an average of N360/$1 in the BDC segment of the market.

Meanwhile, the Senate yesterday screened nominees for the position of deputy governors of the Central Bank of Nigeria (CBN) and members of the Monetary Policy Committee (MPC).The nominees for the CBN deputy governors are Aisha Ahmad and Edward Adamu.

Other nominees for MPC are Professor Adeola Adenikinju, Dr. Aliyu Rafindadi Sanusi, Dr. Robert Asogwa and Dr. Asheikh Maidugu.The Senate had last year placed an embargo on further screening and confirmation of presidential nominees. It lifted the ban last week to screen the nominees in consideration of the importance attached to their roles in the economy.