CBN Sustains Supply Of Forex Into Market With $255m As Naira Holds Momentum

SAN FRANCISCO, May 22, (THEWILL) – Ahead of the outcome of the ongoing Monetary Policy Committee meeting in Abuja, the Central Bank of Nigeria (CBN) on Monday again injected over $255 million into the foreign exchange market. 
 
A breakdown of what market watchers termed as another massive intervention indicated that the sum of $100 million was released for the wholesale segment of the market for both spots and forwards.
 
Also, Basic Travel Allowance (BTA), which comes under invisibles segment, garnered $50 million while the Small and Medium Scale Enterprises (SME) segment got $55 million.
 
Meanwhile, the exchange rate convergence expectation of the CBN is fast being attained with the Naira exchange rate hovering between N375 and N380 to the Dollar.
 
The Acting Director, Corporate Communications Department at the CBN, Isaac Okorafor told reporters in Abuja that the Investors and Exporters segment of the market had so far recorded a trade volume in the sum of $1.1 billion from both the CBN and autonomous windows which according to him, was an indication of the appreciable level of confidence in the foreign exchange management by foreign investors and autonomous suppliers of foreign exchange to the market.