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CBN Floods Forex Market With $457m

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By MARK ITSIBOR, Abuja

True to LEADERSHIP report yesterday on market indicators for the week, the Central Bank of Nigeria (CBN), on Monday, injected the sum of $457.3 million into various segments of the money market.

A statement from the apex bank showed that both the spot and forwards segments of the market received a boost, with $267.3 million while the wholesale segment got $100 million.

Also, the SME and invisibles segments comprising of basic travel allowance, tuition fee and medical got and $50 million and $40 million respectively.

Meanwhile, according to data from the central bank, the volume of trading on the Investors and Exporters foreign exchange window in the past three weeks on the FMDQ platform revealed that the sum of $600 million has for been sold by both the CBN and autonomous sources.

Commenting on the latest development, acting director, Corporate Communications at the Central Bank of Nigeria, Isaac Okorafor, expressed satisfaction with the level of activities in the market. While confirming the sales figure for the day, Mr. Okorafor singled out the Investors and Exporters segment noting that the volume of activities is indicative of the fact that investors are being attracted to the financial market and the economy in general.



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