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The Central Bank of Nigeria (CBN) on Tuesday again sustained its intervention in the inter-bank segment of the foreign exchange (forex) market by injecting a total of $482.6 million into the market.
This, the bank said underlined its determination to protect the value of the naira.
A breakdown of the intervention indicated that the retail Secondary Market Intervention Sales (SMIS) was allocated the sum of $285,779,350, while $100 million was offered in the Wholesale SMIS auction window.
In addition, the Small, Medium and Enterprises (SMEs) window got an allocation of $52 million, while the invisibles segment, comprising Basic Travel Allowance (BTA), Personal Travel Allowance, medicals and tuition fees, among others, was allocated the sum of $45 million.
According to the Acting Director, Corporate Communications at the CBN, Isaac Okorafor, the interventions were in line with the bank’s resolve, echoed by its Governor, Godwin Emefiele, at last week’s briefing of the Monetary Policy Committee (MPC) meeting.
This, the bank said underlined its determination to protect the value of the naira.
A breakdown of the intervention indicated that the retail Secondary Market Intervention Sales (SMIS) was allocated the sum of $285,779,350, while $100 million was offered in the Wholesale SMIS auction window.
In addition, the Small, Medium and Enterprises (SMEs) window got an allocation of $52 million, while the invisibles segment, comprising Basic Travel Allowance (BTA), Personal Travel Allowance, medicals and tuition fees, among others, was allocated the sum of $45 million.
According to the Acting Director, Corporate Communications at the CBN, Isaac Okorafor, the interventions were in line with the bank’s resolve, echoed by its Governor, Godwin Emefiele, at last week’s briefing of the Monetary Policy Committee (MPC) meeting.