…As CBN injects $210m into foreign exchange market***
The UN has indicated a willingness to assist the Nigerian Government in the rapid assessment and response to the flooding disaster the country is facing, particularly in the area of collaboration with its humanitarian partners.
The UN spokesperson, Mr Stephane Dujarric, stated this at a news conference at the UN headquarters in New York on Tuesday; just as the Central Bank of Nigeria (CBN) sustained its intervention in the Inter-Bank Foreign Exchange Market by injecting another $210 million into the various segments of the market.
Dujarric said: “On Nigeria, over the past two weeks, floods caused by heavy rains have affected at least 12 states in Nigeria, with areas located along the Niger and Benue rivers at particular risk.
“Yesterday, the Government of Nigeria declared a national disaster in four states – Kogi, Niger, Anambra and Delta.
“The United Nations and humanitarian partners are supporting the Nigerian Government-led rapid assessment and response, including through coordination, information management and reporting”.
The Federal Government on Monday declared a national disaster over flooding that had affected the four states.
The declaration was made by the Director-General of the National Emergency Management Agency (NEMA) on behalf of President Muhammadu Buhari.
More than 100 people have died in floods in several Nigerian states following heavy rains that caused the Rivers Niger and Benue to overflow, NEMA said.
Eight other states: Taraba Adamawa, Kebbi, Edo, Rivers, Benue, Bayelsa and Kwara are being monitored, the agency said.
In the meantime, the Central Bank of Nigeria (CBN) has sustained its intervention in the Inter-Bank Foreign Exchange Market by injecting 210 million dollars into the various segments of the market.
The Director, Corporate Communications, CBN, Mr Isaac Okorafor confirmed this on Tuesday in Abuja, saying the apex bank offered 100 million dollars as wholesale interventions and allocated 55 million dollars to Small and Medium Enterprises.
Okorafor said another 55 million dollars was allocated to customers requiring foreign exchange for business and personal travels, tuition or medical fees, among others.
The CBN spokesman said the bank was pleased with the performance of the naira because it had continued to enjoy stability against the dollar and other major currencies of the world in recent times.
He reassured the public that the CBN would continue to intervene in the interbank foreign exchange market to ensure liquidity in the foreign exchange market and maintain stability.
It would be recalled that the CBN on Sept. 11 injected 303.91 million dollars and 46.58 million Chinese Yuan into the Spot and Short-tenored Forwards segment of the Inter-Bank Foreign Exchange Market.
Meanwhile, the naira on Tuesday exchanged for N361 to a dollar in the Bureau De Change segment of the market in Abuja.