CBN Boosts Retail SMIS With Fresh $293m

The Central Bank of Nigeria on Friday continued its intervention in the Retail Secondary Market Intervention Sales (SMIS) of the foreign exchange market with $293 million.

This was according to CBN’s Acting Director, Corporate Communications, Mr. Isaac Okorafor, who made the disclosure in a statement today.

Okorafor revealed that the latest figures released by the apex bank, as in previous interventions, were in favour of interests in the agricultural, airlines, petroleum products, raw materials and machinery sectors.

The CBN director reiterated that the objective of the CBN intervention in the foreign exchange market remained to ensure liquidity in the foreign exchange market and enhance production activities.

He explained that the Bank would continue to ensure liquidity in the interbank sector of the market as well as sustain its interventions in order to drive economic growth and guarantee market stability.

Meanwhile, the Naira remained stable and exchanged for N361/$1 in the Bureau De Change segment of the market on Friday.

The Central Bank of Nigeria in its last SMIS on April 20, 2018, intervened with the sum of $396.18 million, while also intervening in the inter-bank Foreign Exchange Market to the tune of $210 million, comprising of $100million for the wholesale segment and $55 million for both the Small and Medium Enterprises (SMEs) and invisibles segment on Tuesday.