The apex bank has continued to pump massive foreign exchange into the financial market to stabilize the value of the greenback.
Within the five weeks of August, the Central Bank of Nigeria (CBN)
pumped N1.301billion into the foreign exchange (forex) market to boost
liquidity and settlement for eligible transactions.
The CBN spokesman, Mr Isaac Okoroafor, had hinted earlier in the
month that the apex bank would raise the market liquidity in the coming
days to enhance stability and flexibility, to ensure that hard currency
would be available for genuine demands of individuals and business
concerns.
The apex bank kickstarted the intervention on August 7 with
$195million spread across the three segments of the market; the
wholesale, Small and Medium Enterprises (SMEs) as well as the invisible.
In the wholesale segment of the interbank forex, it auctioned
$100million, while it made $50 million and $45million available to the
SMEs and the invisible segments respectively.
Okorafor explained that the intervention followed a major boost of
about $462.34 million provided to the three segments in the previous
week , made up of $267.34million for the retail Secondary Market
Intervention Sales (SMIS); $100million as wholesale intervention;
$50million for SMEs forex window and $45million for the invisibles.
The highest boon came from the apex bank on August 15, when it made
$364 million available to the interbank forex market. A breakdown
showed that retail SMIS got the biggest allocation of close to
$264.2million followed by $100million offered the authorised dealers in
the wholesale window.
On August 21, it offered $195million in the three segments of the
market.This comprised $100million auctioned at the wholesale interbank
forex market;$50million provided to the SMEs forex window and $45million
for the invisibles.
The apex bank came back the following week, August 28, with $250
million injection, offering $100million in the wholesale segment;
$85millon in the SMEs and $65million for the invisibles.
The last Thursday of the month witnessed another round of
interventions, as CBN came out that day, August 31, with $297 million to
boost the retail SMIS segment of the market.
Although, the apex bank did not state how much was routed through
the special Investors’ and Exporters’ (I&E) forex window during the
month, but its Governor, Godwin Emefiele, disclosed at a public forum
that about US$4.7 billion had so far been recorded through the window
since April.
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