Nigeria: CBN Sustains Forex Intervention with $100m

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The Central Bank of Nigeria (CBN) on Thursday sustained its intervention in the foreign exchange market with the injection of USD100million to meet the demands of wholesale customers, out of which $91 million was taken.

The Acting Director of Corporate Communications at the CBN, Isaac Okorafor, disclosed that the dealers will have value for their respective bids on Friday, March 24, 2017.

He disclosed that while the highest and marginal bid rates were N330/$1 and N320/$1, respectively, Okorafor said no intervention was made by the Bank to meet requests for invisibles on Thursday.

The Naira continues to firm up against major currencies, especially the United States dollar, which exchanged at $1/N385.

It will be recalled that the CBN Governor, Godwin Emefiele, at the post-Monetary Policy Committee briefing assured that the Bank will sustain its forex intervention in the interbank market.

He also expressed optimism about the convergence of forex rates between the Interbank and the BDCs.

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