Home Business Exchange Rate Remains Stable As CBN Injects $210 Million Into Forex Market

Exchange Rate Remains Stable As CBN Injects $210 Million Into Forex Market

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The Central Bank of Nigeria (CBN) has said that the nation’s exchange rate has remained stable over the years.

Between 2016 and 2017, key ministers and top appointees of President Muhammadu Buhari pushed for the floating of the naira at the beset of the economic recession, a move that CBN Governor Godwin Emefiele resisted.

A top financial expert who spoke to our correspondent, on the condition of anonymity said the unpopular move which pitched Emefiele against some powerful individuals in and out of government would have led to the complete collapse of the economy.

Contrary to the claims that the naira has been unstable and that the apex bank was moving to float the naira, spokesman of the CBN Mr. Isaac Okoroafor told our correspondent, on Wednesday that those carrying the rumour were agents of destabilisation.

He said “There has been no change in Nigeria’s rate structure. The CBN has not floated the naira. The exchange rate remains stable. Speculations and reports to the contrary are false”.

Since the reappointment of Mr. Emefiele as the CBN governor for another five years term, those who had vowed that he would not get another term have embarked on intensive campaign of calumny designed to discredit the robust economic policies of the governor.

It would be recalled that the dodged and carefully executed economic policies of the CBN led to the quick exit of Nigeria from recession.

Meanwhile, the interbank segment of the Foreign Exchange Market has received a boost of $210 million from the Central Bank of Nigeria (CBN) following sales concluded on Tuesday, June 11, 2019.

Figures obtained from the CBN indicated that authorized dealers in the wholesale segment of the market were offered the sum of $100million, while the Small and Medium Enterprises (SMEs) segment received the sum of $55 million.

The sum of $55 million was allocated to customers requiring foreign exchange for invisibles such as tuition fees, medical payments and Basic Travel Allowance (BTA), among others.

Confirming the figures, the Director, Corporate Communications Department, Mr. Isaac Okorafor reaffirmed the Bank’s commitment towards ensuring stability in foreign exchange market.

It will be recalled that at the last intervention on Friday, June 7, 2019, the Bank injected the sum of $294.7million and CNY31.4million into the Retail Secondary Market Intervention Sales (SMIS) segment.

Meanwhile, the Naira on Tuesday, June 11, 2019, exchanged at an average of N360/$1 in the BDC segment of the market.

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