CBN has not floated the Naira – Okorafor

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The Central Bank of Nigeria, CBN, has denied floating the Naira in the foreign exchange, FOREX, market.

There has been no change in Nigeria’s exchange rate structure. The exchange officially exchanges N360 to a dollar.

“The CBN has not floated the naira. The exchange rate remains stable. Speculations and reports to the contrary are false,” Isaac Okorafor, director, Corporate Communications, CBN said.

The interbank segment of the Foreign Exchange Market received a boost of $210 million from the CBN following sales concluded on Tuesday, June 11.

Figures obtained from the CBN indicated that authorized dealers in the wholesale segment of the market were offered the sum of $100million, while the Small and Medium Enterprises, SMEs segment received the sum of $55 million. The sum of $55 million was allocated to customers requiring foreign exchange for invisibles such as tuition fees, medical payments and Basic Travel Allowance, BTA, among others.

Confirming the figures, Okorafor reaffirmed the bank’s commitment towards ensuring stability in foreign exchange market.

It will be recalled that at the last intervention on Friday, June 7, 2019, the Bank injected the sum of $294.7million and CNY31.4million into the Retail Secondary Market Intervention Sales, SMIS, segment.

Meanwhile, the Naira on Tuesday, June 11, 2019, exchanged at an average of N360/$1 in the BDC segment of the market.

 

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