CBN Strengthens Retail SMIS With $343.06m

The Central Bank of Nigeria has made available the sum of $343.06 million to boost the retail Secondary Market Intervention Sales (SMIS).

The latest intervention comes days after the apex Bank released $210million, to meet customers’ requests in various segments of the foreign exchange market.

Figures obtained from the Bank indicate that the amount released was for requests in the agricultural, airlines, petroleum products and raw materials and machinery sectors.

Confirming the figures, the Acting Director, Corporate Communications at the CBN, Isaac Okorafor, noted that the continued interventions of the Bank were in line with the assurances made by the Governor, Godwin Emefiele, to sustain market liquidity in order to boost production and trade as well as maintain stability in the forex market.

Speaking further, Okorafor assured that the CBN remained committed to ensuring that all the sectors continue to enjoy access to the foreign exchange required for the business concerns.

Meanwhile, the naira exchanged at N362/$1 in the Bureau De Change segment of the market on Thursday.