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Business > Money Market
CBN boosts Forex market with $262.5m for retail SMIs
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By Staff Reporter
January 12, 2018 15:18:20pm GMT      |      Views: 521

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

Data received from the CBN on Friday revealed that the sum was in favour of the agricultural, airlines, petroleum products and raw materials and machinery sectors.

The Acting Director in charge of Corporate Communications 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 CBN would not relent in its resolve to make the inter-bank forex market liquid; stressing that the Bank was committed to driving economic growth and guaranteeing stability in the market.

Mr. 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 on Friday, January 12, 2018, maintaining its stability in the market.

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