Nigeria's central bank (CBN) has injected the sum of $210 million
into the inter-bank segment of the foreign exchange market, the first market
intervention for the year 2019.
With less than 7 weeks to the 2019 polls, the CBN assured of
stable exchange rates in spite of the anticipated pressures, coupled with
election spending.
Isaac Okorafor, CBN Director, Corporate Communications, who made this known
on Friday, January 4, 2019, said the wholesale sector of the market received
$100 million, while the Small and Medium Enterprises (SMEs) received $55
million.
The CBN also allocated $55 million to customers requiring foreign
exchange for business and personal travels, tuition or medical fees.
Okorafor reiterated that the apex bank
will continue from where it stopped in 2018 in order to maintain FX
stability.
He said the CBN had made a commendable effort in keeping the
exchange rates at the current levels, noting that the current capital flow
reversals from the emerging markets were expected to bring out pressures on the
market rates.
“The CBN is determined to sustain a stable exchange rate as it
continues to put in place relevant measures to shore up the country’s
reserves".
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