Nigeria’s Central Bank again intervenes in FOREX Market to Protect the Naira

 ABUJA – With the resumption of business after the Christmas and Boxing Day festivities, the Central Bank of Nigeria (CBN) on Thursday, December 27, 2018, intervened in the inter-bank sector of the Foreign Exchange market, injecting $210 million in the wholesale segment and other sectors of the market.

Figures released by the Bank on Thursday indicated that the Wholesale sector of the market got another injection of $100 million, while the Small and Medium Enterprises (SMEs) and invisibles sectors each received $55 million.

The Director, Corporate Communications Department at the CBN, Mr. Isaac Okorafor, said that Thursday’s forex interventions, in continuation of the Bank’s resolve, were aimed at sustaining the high level of stability in the Forex market and continually ease access to the currency by customers in the different sectors.

While lauding actors in various sectors of the forex market for the level of stability, in spite of activities of speculators, Okorafor assured that the CBN was ready to play its interventionist role in the market.

It will be recalled that the CBN in its last interventions earlier in December 2018, injected the sum of $299.82 million and CNY 143.60 million into the Retail Secondary Market Intervention Sales (SMIS).

Meanwhile, one United States Dollar (US$1) exchanged for N360 in the Bureau De Change (BDC) segment of the market on Thursday, December 27, 2018.