Amaka Obiefuna.

Sources at the CBN have revealed that the apex bank is committed to ensure a convergence between the interbank and Bureau de Change (BDC) rates soon, hence the move to continue its intervention in the interbank market.

On Tuesday, May 30, 2017, the CBN intervened in the inter-bank market to the tune of $482.6 million with the Retail SMIS 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 who is the CBN Acting Director on Corporate Communications also confirmed there were indeed plans by the CBN to make necessary interventions in the forex market, in line with its earlier resolve to achieve forex rates convergence and liquidity in the market.

On how the Bank hoped to sustain its interventions, Okorafor said the CBN had enough forex to meet the requirements of all customers, who had genuine need for the dollar. He also expressed optimism that the current policy of the Bank and the cooperation of all stakeholders would check the unwholesome activities of speculators.