The Central Bank of Nigeria, CBN, has once again intervened in the inter-bank market to the tune of $482.6 million, to boost the value of the naira.
This time around, the apex bank allocated the sum of $285.8 million to the Retail Secondary Market Intervention Sales, SMIS, while $100 million was offered to the Wholesale SMIS auction window.
The Small, Medium and Enterprises, SMEs, window got $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, acting director, Corporate Communications, CBN, said the interventions were in line with the bank’s resolve, echoed by Godwin Emefiele, CBN governor, after the Monetary Policy Committee, MPC, meeting.
Okorafor explained that the intervention of the Bank had ensured stability across all segments of the forex market. He is optimistic that the bank’s objective of exchange rate convergence would be achieved soon.
The naira exchanged at N375 to the dollar in the parallel market across the country throhout last week.