Forex: CBN releases $210m in first intervention for 2019

THE CEN TRAL BANK OF NIGERIA (CBN) resumed its intervention in the inter-bank sector of the Foreign Exchange market for 2019 with the release of of $210 million into the wholesale segment and other sectors of the market.

A breakdown of the figures obtained from the CBN on Friday showed that customers in the Wholesale sector of the market received the sum of $100 million with the Small and Medium Enterprises (SMEs) and invisibles sectors each getting $55 million to meet the needs of customers.

Isaac Okorafor, the apex bank’s director of Corporate Communications, said the CBN continued from where it stopped in 2018 in order to maintain the stability being enjoyed in the market.

While noting that the Bank had made commendable effort in keeping the exchange rates at the current levels, Okorafor reechoed Godwin Emefiele,

the Bank’s governor, saying that the current capital flow reversals from the emerging markets were expected to bring out pressures on the market rates.

He, however, assured that, in spite of the anticipated pressures, coupled with the forthcoming elections, the Bank was committed to maintaining the current exchange rate policy, given the level of reserves.