Soon after the recent Eid-el-Fitr celebration, the Central Bank of Nigeria, CBN, intervened in various segments of the foreign exchange, Forex market to the tune of $195 million, June 28, 2017.
A breakdown of the intervention indicates that authorized dealers in the wholesale window segment received a $100 million offer from the Bank, while the Small and Medium Enterprises, SMEs, and invisibles windows were allocated the sums of $50 million and $45 million, respectively.
Isaac Okorafor, the Bank’s acting director, Corporate Communications Department, confirmed the figures and disclosed that the Bank was impressed by the high level of transparency exhibited by stakeholders in the market.
It will be recalled that the CBN in its last intervention on Friday, June 23, 2017, allocated the total sum of $240 million to the Retail Secondary Market Intervention Sales, SMIS, for spot and forward deals.
With the rate of inflation dropping from its April 2017 figure of 17.24 per cent to 16.25 per cent at the end of May, 2017, the CBN spokesman said the Bank remained upbeat that the fortunes of the Naira would improve further in the months to come. 
Meanwhile, the naira continued its stability in the FOREX market, exchanging at an average of N363/$1 in the Bureau De’Change, BDC, segment of the market on Wednesday, June 28, 2017.