Forex: Naira strengthens as CBN pumps in $195 million into the ecpnpmy

Those who make use of forex transaction can be rest assured that the Naira will up its value following the supply of $195 million dollar by the monetary authority which is meant to offset the excess demand for forex that usually cause the value of the Naira to drop.
The Central Bank of Nigeria has continued its sustenance of FOREX liquidity by injecting another $195 million into the inter-bank Foreign Exchange Market, even as the Naira maintains its strength.
The $195 million intervention was made on Monday, November 13, 2017.
Figures released by the Bank show that it offered the total sum of $100million to the Wholesale segment, while the Small and Medium Enterprises (SMEs) segment received the sum of $50 million. The invisibles segment comprising tuition, medical payments and Basic Travel Allowance (BTA) received $45 million.
The Bank’s Acting Director, Corporate Communications Department, Mr. Isaac Okorafor, said yesterday that the intervention is in line with the CBN’s continual determination to ensure FOREX liquidity and satisfy legitimate demand.
Mr. Okorafor assured that the Bank will continue to intervene in the nation’s FOREX market in order to sustain the liquidity in the market and guarantee the international value of the Naira.
Meanwhile, the Naira exchanged at an average of N363/$1 in the BDC segment of the market on Monday, November 13, 2017, maintaining its stability in the FOREX market.