In continuation of its efforts to keep the inter-bank foreign exchange market liquid, the Central Bank of Nigeria on Monday intervened with another sum of $250 million even as the value of the naira dropped on all ends of the market.
The naira which closed last week at N365. 95 at the official end of the foreign exchange market was down to N306 to the dollar.
At the Nigeria Autonomous Foreign Exchange (NAFEX) market also known as the Investors and Exporters window, the value of the naira was down to N359.40 from N358.50 to the dollar which it sold on Friday last week.
The value of the naira was also down at the parallel market where it sold at N365 to the dollar from N365 which it was throughout last week.
A breakdown of Mondays intervention indicates that the wholesale sector was offered the sum of $100 million, just as the Small and Medium Enterprises (SMEs) window received a boost of $80 million.
Those requiring foreign exchange to address needs such as Business/Personal Travel Allowances, school tuition, medicals, etc. were allotted the total sum of $70 million.
The CBNs Acting Director in charge of Corporate Communications, Isaac Okorafor, reiterated that the interventions had ensured stability in the market, even as he stressed that the CBN remained committed to maintaining transparency in the market.
According to him, CBN had taken measures to check the activities of speculators and shield the currency from attacks, while also maintaining the international value of the Naira.
While assuring that authorized dealers had enough funds to meet the foreign exchange needs of customers, Okorafor urged all to adhere to the extant guidelines on the sale of forex in the Nigerian Forex market.
He therefore advised those in genuine need of forex to continue to approach their respective banks for purchase.
He said the bank remained very optimistic that the Nigerian currency would fare strongly against other notable currencies around the world.
On the convergence target of the bank between the forex rates at the inter-bank and the Bureau de Change (BDC), he said the goal would be attained if all stakeholders played by the rules.
The CBN last week assured customers of adequate foreign exchange in the market, dispelling fears of a scarcity of foreign exchange in the Nigerian forex market.
