SAN FRANCISCO, August 21, (THEWILL) – The Central Bank of Nigeria on Monday offered $195m in three segments of the Foreign Exchange Market to boost liquidity in the operation.
The CBN’s Acting Director, Corporate Communications Department, Isaac Okorafor, in a statement in Abuja said that the CBN auctioned $100m in the wholesale segment of the Interbank Foreign Exchange market and also intervened in the Small and Medium Enterprises with $50m.
He also stated that the bank also offered the invisible segments, with $45m adding that the bank had kept fate with its resolve to ensure that there was sustained liquidity in the market following pressures on the market from those seeking forex for school fees and vacations.
He stated that the bank would also ensure that genuine requests for FOREX were met, as well as improved liquidity and flexibility in the market.
This comes on the heels of last week’s intervention in which the retail secondary market intervention sales received the largest allocation of about $264m while the authorised dealers in the wholesale window had also received $100m.
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