Forex: CBN Injects $304.4m Into Retail SMIS

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The Central Bank of Nigeria (CBN) on Friday sustained its commitment to making foreign exchange at ease to end users with the injection of $304.4 million to the Retail Secondary Market Intervention Sales, SMIS, of the inter-bank foreign exchange market.

The sum was provided specifically to meet the needs of users of operators in the agricultural, airlines, petroleum products and raw materials and machinery sectors of the economy.

The Acting Director, Corporate Communications Department of the apex bank, Mr. Isaac Okoroafor, confirmed the intervention, saying that the bank’s objective is to constantly increase liquidity in the inter-bank forex market and by implication, guarantee market stability and stimulate economic growth.

Okorafor expressed optimism that the nation’s economy stood to benefit from the bank’s forex management strategy, including sustained accretion to its foreign reserves, which currently stands at over $40 billion.

The naira sustained its stabilized exchange trend with major foreign currencies in the BDC segment of the market, exchanging for N361/$1.

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