FOREX: CBN assures of more interventions

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In spite of a lull in FOREX trading activities towards the end of last week, the Central Bank of Nigeria (CBN) has assured of its continued intervention in the inter-bank market.

A reliable source at the CBN revealed that the Bank was determined to ensure that the gains made by it in recent times, with regards to the stability of the exchange rate, are not eroded.

While disclosing that the Bank did not make major interventions all through the week ending May 12, 2017, because there was a surfeit of foreign exchange in the system, the source maintained that the CBN would continue to make necessary interventions to ensure the stability of the naira.

The source further disclosed that the windows established by the CBN for Small and Medium Enterprises (SMEs) as well as for investors and exporters were yielding the desired results by providing access to forex and easing pressure on the market.

Speaking on the matter, the Acting Director of Corporate Communications at the CBN, Isaac Okorafor reiterated the Bank’s commitment to ensure that there is enough supply of forex to genuine customers to achieve the goal of forex rates convergence.

It will be recalled that the CBN since February 2017 has been involved in massive interventions in all segments of the interbank market to ensure liquidity and availability of forex.

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