The Central Bank of Nigeria (CBN) yesterday injected $482.6 million in the inter-bank market in the first day of trading after the holidays. This was disclosed to newsmen in a statement signed by the Acting Director, Corporate Communications, Mr Isaac Okorafor.
Mr Okorafor noted that this intervention was part of CBN measures to underline its determination to guard the international value of the naira.
A breakdown of the intervention indicates that the retail Secondary Market Intervention Sales (SMIS) was allocated $285.7 million, while $100 million was offered in the Wholesale SMIS Auction Window.
The Small and Medium Enterprises (SMEs) window was allocated $52million, while the invisibles segment, comprised of Basic Travel Allowance (BTA), Personal Travel Allowance (PTA), medicals and tuition fees, among others were allocated $45million.
The Apex bank noted that the injection of the dollars was sequel to resolution taken in the aftermath of the Monetary Policy Committee (MPC) meeting held last Tuesday.
The CBN has also resolved that all segments of the foreign exchange market will receive interventions to ensure stability across board. Mr. Okorafor urged all stakeholders to live up to their responsibilities, play their respective roles in ensuring smooth running of the Forex market for the overall benefit of the economy.
Against the background of the intervention, Dollar traded at an average of N375 in Abuja, Lagos, Kano, and Port-Harcourt.
