CBN Releases Fresh Intervention of $195m In Forex Market

CBN Releases Fresh Intervention of $195m In Forex Market

The Central Bank of Nigeria (CBN) on Tuesday released a fresh intervention sum of $195 million into the foreign exchange (Forex) market in its bid to ensure liquidity in the market.

Acting Director of Corporate Communications at the apex bank, Mr Isaac Okoroafor, explained that the fresh intervention comprised of $150m for the wholesale auction and $45m in the invisible segment for such items as medical fees, tuition fees, Personal Travel Allowance and Business Travel Allowance.

Tuesday’s intervention follows a series of similar actions by the CBN as Nigeria’s foreign reserves steadied above the $30 billion mark owing largely to steady oil production in recent months.

In its last intervention, the apex bank released the sum of $180m into the forex market which followed new directives to provide easier access to forex.

There were also indications that the CBN would release as much as $350m into the forex market in the first week in March.