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CBN pumps $100m into FX market as reserves rise again – The Cable

HomeNewsCBN pumps $100m into FX market as reserves rise again – The Cable
07
Apr
CBN pumps $100m into FX market as reserves rise again – The Cable
  • Author
    Alex Ikechukwu
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The Central Bank of Nigeria (CBN) offered the sum of $100 million to authorized dealers at the forex auction in the interbank wholesale window, as foreign reserves return to winning ways.

According to CBN data, the reserves surged from $30.318 billion on Monday to $30.326 billion, after falling over the past week by a few hundred millions.

The reserves moved from $30,348,621,856 billion on March 23, to $30,296,992,832 by March 29, 2017.

Isaac Okorafor, the Bank’s spokesman, confirmed the fresh forex offer in Abuja on Thursday, disclosing that no interventions were made in the retail auction window for forex.

He, however, added that the CBN made special intervention of $10,000 to dealers in the Bureau de Change (BDC) segment on Thursday.

According to him, the Bank’s interventions in the different segments had ensured stability in the market and guaranteed availability to individuals and business concerns.

In the light of the CBN’s latest policy suite, the IMF had commended the work of the bank, but suggests that the naira is overvalued at the official side of the market, where it trades around 305 per dollar.


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