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CBN Boosts Retail SMIS With $262.5m

In its first Retail Secondary Market Intervention Sales (SMIS) for the year, the Central Bank of Nigeria (CBN) , intervened in the inter-bank Foreign Exchange Market with the total sum of $262,500,000.

Available data received from the bank on the forex market deal indicated that the sum was in favour of the agricultural, airlines, petroleum products and raw materials and machinery sectors.

The Acting Director, Corporate Communications Department at the Bank, Mr. Isaac Okorafor, confirmed the figures, noting that the releases remained targeted at boosting production and trade in addition to sustaining liquidity in the market.

According to him, the apex bank would not relent in its sustained efforts to make the inter-bank forex market liquid; adding that the CBN is also committed to driving economic growth and guaranteeing stability in the market.

Okorafor also reiterated that the Bank’s intervention had effectively checked the activities of speculators, assuring that the Bank would continue to monitor, thoroughly, the activities of authorised dealers in order to checkmate possible sharp practices.

Meanwhile, the Naira exchanged at N359 to a United States dollar today, maintaining its stability in the market.

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