The Central Bank of Nigeria (CBN) has boosted the operations of the inter-bank foreign exchange market with about $543.22 million and ¥63.21 million after two days interventions. The bank said in a statement sent to newsmen on Friday that the interventions on Thursday and Friday were in the wholesale as well as the Small and Medium Enterprises (SMEs) segments of the FOREX window. At Thursday’s trading, CBN said it offered about $100 million in wholesale interventions, in addition to another $55 million allocated the SMEs FOREX window.
Also, the invisibles’ window, which caters for customers requiring foreign exchange for business/personal travel allowances, tuition fees for schools and medical bills, received about $55 million.
On Friday, the bank said a fresh $323.22 million was injected in the interbank retail Secondary Market Intervention Sales, apart from about ¥63.21 million (Chinese Yuan) sold in the spot and short-tenored forwards, arising from bids received from authorized dealers.
These transactions were carried out through the Standing Deposit Facility (SDF) worth N431.43 billion which outweighed the Standing Lending Facility (SLF) worth N8.67 billion.
Also, last week, a total SDF worth N225.27 billion was deposited, which outweighed the Standing Lending Facility worth N6.70billion borrowed from the apex bank. Read more<<<<<