CBN Pumps $186m As Forex Reserves Hits $31bn

[caption id="attachment_19457" align="alignnone" width="696"]Godwin Emefiele, CBN Governor[/caption]

The Central Bank of Nigeria on Wednesday injected $185.86 million into the retail Secondary Market Intervention Sales (SMIS).

Isaac Okorafor, Acting Director of Corporate Communications, CBN confirmed this development in Abuja.

Okorafor confirming the auction sale, said out of the auctioned amount, only $3.14million was sold as spots, while the sum of $182.72million was sold as forwards.

Okorafor further explained that the overall picture of the inter-bank forex market was that of optimism, going by the level of access now being enjoyed by different categories of customers in both the wholesale and retail segments of the market.

Advertisement

Recall that the CBN Governor, Godwin Emefiele, has expressed optimism that the country will be out of recession by the end of the second quarter of the year.

Emefiele hinged the optimism of the CBN on the accretion to the country’s foreign reserve, which he said currently hovered above the $31billion mark.

According to him, “our reserves stand at above $31bn and that provides us enough of firepower or ammunition to be able to defend the currency, and we will do so with all intensity to ensure that foreign exchange is procured by everybody”.

Leave a comment

Advertisement