On the first day of transaction after the Eid-el-Fitr celebration, the Central Bank of Nigeria on June 28, 2017 intervened in various segments of the inter-bank market to the tune of $195 million.
A breakdown of Wednesday’s intervention indicated that authorized dealers in the wholesale window segment received a $100 million offer from the Bank, while the Small and Medium Enterprises and invisibles windows were allocated the sums of $50 million and $45 million respectively.
The Bank’s Acting Director, Corporate Communications Department, Isaac Okorafor, confirmed the figures and disclosed that the Bank was impressed by the high level of transparency exhibited by stakeholders in the market.
It will be recalled that the CBN in its last intervention on June 23, 2017 allocated $240 million to the Retail Secondary Market Intervention Sales for spot and forward deals.
With the rate of inflation dropping from its April 2017 figure of 17.24 per cent to 16.25 per cent at the end of May 2017, the CBN spokesman said the Bank remains upbeat that the fortunes of the Naira will improve further in the months to come.
Meanwhile, the naira continued its stability in the FOREX market, exchanging at an average of N363/$1 in the BDC segment of the market on Wednesday.
FOREX: CBN lifts market with $195m, as Naira remains stable
