CBN Vows To Sustain Intervention In FOREX

CBN Vows To Sustain Intervention In FOREX

The Acting Director, Corporate Communications, CBN, Mr. Isaac Okorafor, in a statement issued in Abuja has disclosed Central Bank of Nigeria’s determination to sustain its intervention in the foreign exchange market to ensure liquidity in that segment of the financial sector.

He said as part of its determination to make forex available to genuine users, the apex bank on Friday auctioned the sum of $418m at the retail segment at the rate of N310 to a dollar.

He gave the sectors of the economy that benefitted from the intervention as aviation, agriculture, petroleum and raw materials/machineries.

The statement said the CBN would sell short-tenured forwards of seven-day to 30-day maturity to meet the demand of manufacturers and all other foreign exchange users.

The apex bank said the injection of foreign exchange into the market should reassure all users of its determination to continue to meet all legitimate forex demand in the market.

It added that the intervention was part of measures to achieve exchange rate stability in the financial market.

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