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CBN Sells $462m To Boost Forex Market

CBN Sells $462m To Boost Forex Market

In an effort to further boost business activities, the Central Bank of Nigeria on Friday sold another $462,336,426.74 to prop up the Naira value and improve consumer prices.

This was after the apex bank sold $194 million on Monday.

Mr. Isaac Okorafor, the Acting Director in charge of Corporate Communications of the Central Bank, said the intervention was in line with the CBN commitment to deepen and sustain flexibility in the forex market.

According to the acting director, the apex bank allocated $267.336, 426.74 to the Secondary Market Intervention Sales (SMIS), while $100 million was offered to the wholesale segment.

Okorafor said $50 million was appropriated to the Small and Medium Enterprises, SMEs, while the segment that oversees those requiring foreign exchange for Business/Personal Travel Allowances, Medical fees, and Tuition fees got the remaining $45 million.

Experts have hailed the CBN efforts at ensuring businesses and investors access foreign exchange market with ease.

The Naira remained steady following the decision of the monetary policy committee to leave rates unchanged on Tuesday.

Six out of the eight member committee voted to maintain the ongoing monetary policy, while the remaining two voted for rates reduction to ease loan burden and boost new job creation.

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