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CBN Supplies $318.73Mn Into SMIS Segment Of Forex Market

Posted on Author Omotola Collins Comments Off on CBN Supplies $318.73Mn Into SMIS Segment Of Forex Market

The Central Bank of Nigeria, CBN, on Friday supported the Secondary Market Intervention Sales (SMIS) segment of the foreign exchange market with $318.73million, thereby boosting the market’s liquidity.

Data obtained from the bank indicated that the intervention was targeted at consumers in the various segments in the Secondary Market Intervention Sales (SMIS).

The apex bank’s Acting Director, Corporate Communications, Isaac Okorafor, who confirmed the intervention, explained that the $318.73 million was specifically to meet the needs of companies in the raw materials, agricultural, airline and petroleum industries.

Okorafor assured that the bank remained committed to ensuring that all the sectors continued to enjoy access to the foreign exchange required for their business needs.

The bank had last Tuesday intervened to the tune of $210 million to cater for requests in the wholesale segment of the forex market.

Meanwhile, at the end of trading on Friday the Naira sustained its exchange rate stability against other international currencies, exchanging at an average of N360/$1 in the Bureau de Change segment (BDCs) in Lagos.

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