Assures Of More Forex Intervention
By Gift Samuel
Abuja- The Central Bank of Nigeria, (CBN) has revealed that it is determined to ensure that the gains made by it in recent times, with regards to the stability of the exchange rate are not eroded.
This is as the Bank, despite the lull in Forex trading activities towards the end of last week, also assured of its continued intervention in the inter-bank market.
A reliable source at the CBN disclosed over the weekend that the Bank did not make major interventions all through the week ending May 12, 2017, due to a surfeit of foreign exchange in the system as the source maintained that the CBN would continue to make necessary interventions to ensure the stability of the naira.
According to the source; “The windows established by the CBN for Small and Medium Enterprises (SMEs) as well as for investors and exporters were yielding the desired results by providing access to forex and easing pressure on the market”.
Speaking on the matter, the Acting Director of Corporate Communications at the CBN, Isaac Okorafor reiterated the Bank’s commitment to ensure that there is enough supply of forex to genuine customers to achieve the goal of forex rates convergence.
It will be recalled that the CBN since February 2017 has been involved in massive interventions in all segments of the interbank market to ensure liquidity and availability of forex.