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From Uche Usim, Abuja
The Central Bank of Nigeria (CBN) yesterday, fortified the inter-bank foreign exchange market by pumping additional $462,336,426 million, in line with its commitment to deepen flexibility in the economy.
This was as the naira maintained its steady rate against major currencies around the globe, exchanging for N360/$1 in the Bureau De Change segment of the market yesterday.
A breakdown of the forex intervention figures obtained from the apex indicates that the retail Secondary Market Intervention Sales (SMIS), received the largest allocation of $267,336,426.74.
The CBN also offered the sum of $100,000,000 as wholesale interventions, while the sum of $50,000,000 was allocated to the Small and Medium Enterprises (SMEs) forex window.
Those requiring foreign exchange for Business/Personal Travel Allowances, tuition and medical fees, among others, got a total allocation of $45,000,000.
With yesterday’s intervention, the total intervention made by the CBN for the week came to $657,336,426.74.
Confirming the figures, the acting Director of the Corporate Communications Department, Mr. Isaac Okorafor, said the leadership of the CBN was impressed by the positive impact its current foreign exchange management was having on the manufacturing sector and economic activities in general across the country.
While reiterating that the CBN management was also encouraged by growth in the non-oil sector, particularly agriculture, he noted that the apex bank would not relent in its efforts at sustaining stability in the inter-bank Forex market, as well as, ensuring the convergence between the exchange rates at the Nigeria Autonomous Foreign Exchange (NAFEX) and the Bureau de Change segments of the market.
