No Plans To Stop Forex Intervention–FG

By Ikenga Chronicles September 11, 2017

No Plans To Stop Forex Intervention–FG

The Federal Government has stated that it has no plan to stop Forex intervention despite coming out of recession.

Ikenga Chronicles recall that the FG declared that Nigeria is now out of recession with the economy expected to bounce back.

Speaking on behalf of the FG, the Central Bank of Nigeria(CBN)through its Acting Director, Corporate Communications Department, Isaac Okorafor, said the sustenance of the intervention has made the naira stable against other major currencies.

According to him, the interventions of the Central Bank were in line with its commitment to sustain liquidity in the market to meet genuine requests as well as deepen flexibility in the foreign exchange market.

Okorafor, who warned speculators against nefarious activities, disclosed that the apex bank would ensure that all is in place to guard against sharp practices in the Forex market.

While stressing that there was nothing to suggest that the CBN planned to discontinue its Forex intervention. He noted there had been accretions in the country’s foreign reserves from $30 billion to about $32 billion.

The Central Bank had consistently injected funds into in the interbank foreign exchange market, which received a boost of $547million in the last round of intervention.