CBN sustains forex supply with $308.5m intervention

The Central Bank of Nigeria (CBN) has continued to sustain liquidity in the foreign exchange market, as it boosted the market at the weekend with $308.5 million. This move is expected to further ensure liquidity and stability in the forex market.
The apex bank opened the week with $195 million intervention ahead of MPC decisions. A total sum of $195 million was offered in three segments of the market. In the wholesale Secondary Market Intervention Sales (SMIS) of the inter-bank forex market, it auctioned $100 million and also intervened in the Small and Medium Enterprises (SMEs) and invisible segments, with the sum of $50 million and $45 million respectively. This brings the total intervention for the week to a sum of $503.5 million.
The CBN spokesman, Mr. Isaac Okorafor, who gave the figures in Abuja at the weekend, noted that the latest intervention in the retail segment was in line with its commitment to sustain liquidity to meet genuine requests in the market.
While warning against speculations in the market, Okorafor said CBN had put necessary checks in place to guard against the activities of speculators, stressing the determination of the bank to continue its forex intervention while encouraging genuine users of foreign exchange to approach their banks, as banks had enough forex to meet their demand.