The Central Bank of Nigeria has made its first intervention in the inter-bank sector of the foreign exchange market for 2019 with a total sum of two hundred and ten million dollars injected into the
wholesale segment and other sectors of the market.
A breakdown of the figures obtained from the Central Bank of Nigeria showed that customers in the wholesale sector of the market received the sum of one hundred million dollars, while the Small and Medium Enterprises and invisibles sectors each got fifty-five million dollars to meet the needs of customers.
The Director, Corporate Communications of the APEX Bank, Mr Isaac Okorafor, said the bank continued from where it stopped in 2018 in order to maintain the stability being enjoyed in the market.
While noting that the bank had made a commendable effort in keeping the exchange rates at the current levels, Mr Okorafor reiterated the position of the bank’s Governor, Mr Godwin Emefiele, saying that the current capital flow reversals from emerging markets were expected to bring out pressures on the market rates.
He, however, assured that in spite of the anticipated pressures, coupled with the forthcoming elections, the bank is committed to maintaining the current exchange rate policy, given the level of
reserves.
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