CBN boosts Forex market with $462m as naira appreciates against major currencies

The Central Bank of Nigeria (CBN) on Friday injected $462,336,426.74 million into the Foreign Exchange (Forex) market
The bank had injected $194 million on July 24.
Mr Isaac Okorafor, Acting Director in charge of Corporate Communications, CBN said this in a statement in Abuja.
He said the intervention was in line with the commitment of the apex bank to sustain and deepen flexibility in the foreign exchange market to further enhance foreign exchange flow in the economy.
Okorafor said the bank offered the largest allocation of $267.336, 426.74 million to the Secondary Market Intervention Sales (SMIS) and $100 million was offered to wholesale interventions.
He said $50 million was allocated to the Small and Medium Enterprises (SMEs), while those requiring foreign exchange for Business/Personal Travel Allowances, tuition and medical fees, among others, got $45 million.
“The leadership of the CBN is impressed by the positive impact its current foreign exchange management is having on the manufacturing sector, agriculture and economic activities in general across the country”.
Okorafor reiterated that the CBN management was encouraged by growth in the non-oil sector, particularly agriculture and noted that the apex bank would not relent in its efforts at sustaining stability in the inter-bank Forex market.
He said the CBN would not also relent in ensuring the convergence between the exchange rates at the Nigeria Autonomous Foreign Exchange (NAFEX) and the Bureau de Change segments of the market.
According to him, the CBN will continue to ensure proper surveillance of the forex market to guard against any sharp practice by participants and uphold transparency of the process.
Okorafor expressed optimism that the bank’s intervention, coupled with complementary fiscal efforts, would restore the economy to the path of growth.
Meanwhile, the naira maintained its steady rate against major currencies around the globe, appreciating to N360 to the dollar in the BDC segment of the market on Friday.