The Central Bank of Nigeria (CBN) Wednesday intervened in the interbank foreign exchange market by injecting the sum of $210 million into the market.

The central bank offered the sum of $100 million in the wholesale segment, while the small and medium scale enterprises (SMEs) segment received the sum of $55 million.

Similarly, the invisibles segment, comprising tuition fees, medical payments and Basic Travel Allowance (BTA), among others, also received a $55 million boost.


The Director, Corporate Communications at the CBN, Mr. Isaac Okorafor, while confirming the figures, said the CBN was pleased with the state of the forex market, adding that the Bank would continue to intervene in order to sustain the liquidity in the market and guarantee the international value of the naira.

He said the Bank was determined to achieve its objective of exchange rate stability, thus the continued injection in the foreign exchange market.

According to him, the level of transparency in the market was also a confidence boost for the market.

The CBN in its intervention last week injected the sum of $318.03m and CNY 62.18m into the Retail Secondary Market Intervention Sales (SMIS).

Meanwhile, the naira continued to maintain its stability in the forex market, exchanging at an average of N361/$1 in the BDC segment of the market Wednesday

https://www.akelicious.net/2018/11/cbn-intervenes-in-forex-market-with-210m.html

They have to

Nice move

Government should have directed the DSS to track politicians who use forex for bribes and arrest them

verygudbadguy:
Even with the intervention, the dollar is still on the rise because of political demands. Yesterday cash closed at 363 while inflow closed at 365.5.

We should be looking at 370 before February 2019.

All in all, the CBN has tried to keep the rate down. We don’t know the true value of dollar until this CBN intervention stops though.

that's what I've been saying

For how long would we do this pegging of exchange rate. This oil monetary transmission is bound to packup sooner. Every intervals where we had opportunities to correct some anormalies with the nation, we always get timid. Oil, Foreign Exchange, Constitution Amendments, Wages and Salaries, Reforms, etc list is almost endless.

Some people are feeding very fat with this weekly intervention, and Cbn keeps patting itself on the back for what it knows is unsustainable. Allow the naira adjust to it's shock, in no time it would bounce back slowly on a firm footing and the pains would teach us to value and respect our economy, politicians won't just talk anyhow cause of the effect on the economy while our capital market would benefit greatly.

With the current wave we in, I see it going as high as 390 by the elections.

verygudbadguy:
Even with the intervention, the dollar is still on the rise because of political demands. Yesterday cash closed at 363 while inflow closed at 365.5.

We should be looking at 370 before February 2019.

All in all, the CBN has tried to keep the rate down. We don’t know the true value of dollar until this CBN intervention stops though.

There's trouble in this country.

with election on the way I pity the naira

Kayglo:
With the current wave we in, I see it going as high as 390 by the elections.

It is possible but I don’t see it happening. If it gets to a point, the CBN can increase the collection times of BDC to daily if they deem it necessary.

My banker just gave me rate of 364 for cbn bids blackmarket 364 so what is difference.

please stop these intervention and allow these dollar to rise na. stupid cbn

Nonsense

noted

We need better economic policies and implementation.