CBN Injects $210m into Forex Market

The Central Bank of Nigeria (CBN) has sold $210 million at the Foreign Exchange Market (Forex) as the Monetary Policy Committee (MPC) began its last meeting for 2017. The Acting Director, Corporate Communications at the CBN, Mr. Isaac Okorafor, who confirmed this yesterday, said the bank offered $100 million to the wholesale segment, while the SMEs segment received $55 million.

He said the invisibles segment, comprising tuition fees, medical payments and Basic Travel Allowance (BTA), among others, received an allocation of $55 million. According to him, the releases were aimed at boosting liquidity, trade and ease of remittances for legitimate personal commitments.

Okorafor said the CBN was quite pleased with the rate of N360/$1, noting that the continued intervention by the apex bank in the inter-bank forex market had largely checked unwholesome activities of currency speculators. He, however, stressed that the CBN would not relent in its monitoring of the market activities to ensure that authorized dealers abide by the extant rules.

Besides, the CBN has reiterated its commitment to intervening in the real sector of the Nigerian economy as well as creating employment opportunities for the teeming youths of the country. The bank’s Deputy Governor in charge of Corporate Services, Alhaji Suleiman Barau, stated this yesterday at the opening ceremony of the entrepreneurship training for the first tranche of trainees on entrepreneurship development at the African Community Bridge Foundation in Abuja.

Barau, who cited lack of job opportunities and graduate employment as one of the major challenges facing the country’s demography, said the training was aimed at changing the psyche of young graduates from seeking white collar jobs to becoming self-reliant men and women who will not only be gainfully employed but also be employers of labour.

According to the CBN chief, the training would help to develop the skills of participants in the areas of starting up businesses, sourcing for finance, legal aspects of business and other vocational skills. Meanwhile, President of Basico 77/78 and 1981 graduating Class of Ahmadu Bello University (ABU) Zaria, Yahaya Ali Amefani, said training of youths in vocational skills was needed to mitigate the challenge of unemployment faced in the country.

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