On the first day of transaction after the Eid-el-Fitr celebration, the Central Bank of Nigeria (CBN) yesterday intervened in various segments of the inter-bank market to the tune of $195m.
A breakdown of Wednesday’s 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.
The Bank’s Acting Director, Corporate Communications Department, Mr. Isaac Okorafor, confirmed the figures and disclosed that the Bank was impressed by the high level of transparency exhibited by stakeholders in the market.
The CBN had last Friday allocated $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, Okorafor said the Bank is hopeful the fortunes of the Naira will improve further in the nearest months.
Meanwhile, the naira continued its stability in the FOREX market, exchanging at an average of N363/$1 in the BDC segment of the market yesterday.
