CBN injects fresh $210m into Forex Market as Naira trades flat on Tuesday

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The Central Bank of Nigeria (CBN) has again injected the sum of $210 million into the inter-bank Foreign Exchange Market to boost liquidity in the sector.

Sources at the Bank on Tuesday, disclosed that authorized dealers in the wholesale segment of the market received the sum of $100million, while the Small and Medium Enterprises (SMEs) segment received the sum of $55 million. Similarly, customers seeking foreign exchange for invisibles such as tuition fees, medical payments and Basic Travel Allowance (BTA), among others, were allocated a total of $55 million.

Confirming the figures, the Director, Corporate Communications Department, Mr. Isaac Okorafor said the CBN’s commitment to sustaining liquidity and ensuring stability in the market remained paramount on the minds of the Bank’s management.

According to Okorafor, the continued intervention by the Bank underscored the resolve of the Governor, Godwin Emefiele, to guarantee access to all those who genuinely required foreign exchange from the forex market.

It will be recalled that on last Friday, the Bank injected the sum of $218.41 million and CNY18 million into the Retail Secondary Market Intervention Sales (SMIS) segment.

Meanwhile, naira at the parallel market remained flat at N475, N360 and N396 against Pounds, Dollar and Euro respectively, while at it remained stable, exchanging at an average of N358/$1 in the BDC segment of the market. At the Investors & Exporters (I&EFX) window, while the Naira lost 0.09 per cent each against Pounds and dollar to close at  N471.80 and N364.90 respectively, it gained 0.19per cent against the Euro to close at N397.67.

However, money market rates were mixed today. While Open Buy Back declined by 19basis points to close at 15.14per cent, Overnight rates remained flat closing at 16.00per cent.

The bond market was broadly flat today as yields remained unchanged across most tenors. while the yields on the 5yr and 7yr benchmark bonds remained flat at 9.50per cent and 9.88per cent respectively, the yield on the 10yr benchmark bond fell by 5bps to close at 10.91per cent.

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