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CBN Lifts Retail Secondary Market With $304.4m

Godwin Emefiele, CBN Governor

The Central Bank of Nigeria (CBN) on Friday, released the sum of $304.4million into the Retail Secondary Market Intervention Sales (SMIS) of the inter-bank Foreign Exchange Market.

Isaac Okorafor, the CBN’s Acting Director in charge of Corporate Communications, who confirmed the figures said the latest intervention was in favour of interests in the agricultural, airlines, petroleum products and raw materials and machinery sectors.

Okorafor said the apex Bank remained committed to boosting liquidity, production and trade.

The CBN spokesman assured 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.

Okorafor was upbeat that the Nigerian economy stood to gain massively from the Bank’s forex management strategy as could be seen in the accretion to the foreign reserves, which now stands at over $40 billion.

Meanwhile, the naira exchanged for N361/$1 in the BDC segment of the market on Friday, January 26, 2018.

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