Amaka. Obiefuna

Nigeria’s Central Bank, the CBN has boosted the inter-bank market with $482.6 million, underlining its determination to guard the international value of the naira.

A breakdown interventions indicates that the Retail SMIS was allocated the sum of $285,779,350, while the $100 million was offered in the Wholesale SMIS auction window.

The Small and Medium Enterprises (SMEs) window got an allocation of $52 million, while the invisibles segment, comprising Basic Travel Allowance (BTA), Personal Travel Allowance, medicals and tuition fees, among others, was allocated the sum of $45 million.

Isaac Okorafor, the CBN, Acting Director of Corporate Communication says the interventions are in line with the Bank’s resolve, echoed by the Governor, Godwin Emefiele, at last week’s briefing of the Monetary Policy Committee (MPC) meeting.

While expressing pleasure that the intervention of the Bank had ensured stability across all segments of the forex market, Okorafor expressed optimism that the Bank’s objective of exchange rate convergence would be achieved soon.

Okorafor also reiterated the call to all stakeholders to play their respective roles in ensuring a smooth running of the foreign exchange market for the overall benefit of the economy.