The Central
Bank of Nigeria (CBN) has in the last seven days, offered $1.01 billion at the
inter-bank foreign exchange market to meet the requests of customers in the
various segments of the market.
This is
coming just as it offered $195 million yesterday, in efforts to sustain plans
to achieve rates convergence, although a huge part of the amount were
structured in 30-day and 60-day tenors.
Consequently,
parallel market exchange rate gained N3 to N364 per dollar, against N367 it
trended throughout last week, while inching closer to all rates.Last week, a
mix of $831.5 million foreign exchange (about N254 billion at N305.75/$) and
Open Market Operation (OMO) auctions reduced quantity of naira in circulation
and stabilised exchange rate across segments.
According to Guardian, A breakdown
of today’s intervention revealed that the apex bank offered $100 million to
authorised dealers at the interbank wholesale window, while it allocated the
sum of $50 million to the Small and Medium Enterprises (SMEs) window.
The
invisibles segment, made up of Business/Personal Travel Allowances, school fees
and tuition, and medicals, was allocated $45 million.Confirming the figures in
the latest round of intervention, the Acting Director in charge of Corporate
Communications, Isaac Okorafor, also announced a retail option submitted
yesterday, adding that the results would be released subsequently.
He
reiterated that the bank would continue to ensure adherence to its forex policy
by insisting on transparency of all stakeholders to guarantee stability in the
market.
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