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CBN Injects $339.89m Into Forex Market, Sustains Intervention

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The Central Bank of Nigeria (CBN) said it has sustained its intervention in the Forex Market by injecting the sum of $339.89 million into the Retail Secondary Market Intervention Sales (SMIS).

Disclosing the development to journalists in Abuja, the bank’s acting director in charge of Corporate Communications, Mr Isaac Okorafor, noted that the continued interventions were in line with the pledge made by the CBN governor, Mr Godwin Emefiele, to sustain market liquidity in order to boost production and trade.

According to Okorafor, the feedback from the wholesale and retail segments of the Nigerian Forex markets showed that customers were satisfied with their level of access to foreign exchange. He also assured Nigerians that the recent confirmation of Deputy Governors and Monetary Policy Committee (MPC) nominees by the Senate will further spur the Bank towards taking sound decisions needed for economic development.

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

It will be recalled that last Friday, March 19,2018, the bank injected the sum of $210 into the Wholesale segment of the forex market.

Meanwhile, the naira exchanged at N362/$1 in the BDC segment of the market on Friday, March 23, 2018.



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