The Central Bank of Nigeria (CBN) on Friday injected the sum of $358 million into the Retail Secondary Market Intervention sales (SMIS) segment of the foreign exchange market.
The intervention was to ensure adequate liquidity to meet the needs in the agricultural, petroleum products, airlines, raw materials and machinery sectors.
The apex bank’s Acting Director of Corporate Communications Department, Isaac Okorafor, restated the bank’s commitment to sustain its interventions in the various segments of the forex market in furtherance of its mandate to ensure the market’s and Naira exchange rate stability.
According to him, the apex bank’s effort had guaranteed access to foreign exchange to all those requiring it to meet their genuine needs and in order to boost production and trade.
It would be recalled that at its last retail SMIS intervention on Friday, June 29, the CBN intervened with the sum of $318.73 million in the foreign exchange market.
The Naira also sustained its exchange rate stability trend at the end of Friday’s trading, exchanging at N361/$1 in the Bureau de Change segment of the market.
