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CBN Boosts Forex Market With Fresh $288m

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As part of its bid to guarantee liquidity in the foreign exchange market, the Central Bank of Nigeria on Friday injected the sum of $287.89 into the Retail Secondary Market Intervention Sales (SMIS).

Isaac Okorafor, the CBN’s Acting Director in charge of Corporate Communications, who confirmed the figures said the releases were targeted at sustaining liquidity in the market as well as boosting production and trade.

The sums were in favour of the agriculture, airlines, petroleum products and raw materials and machinery sectors, the Bank said.

He reiterated that the Bank remained committed to ensuring liquidity in the inter-bank sector of the market and would continue to intervene in order to drive growth in the economy and guarantee stability in the market.

Okorafor said the Bank was pleased with the state of the market, noting that the continued intervention by the CBN in the inter-bank forex market had largely checked unwholesome activities of currency speculators.

It will be recalled that the CBN on Monday, intervened in the inter-bank Foreign Exchange Market to the tune of $210 million.

Meanwhile, the naira maintained its steady rate against major currencies around the globe, exchanging for N360/$1 in the BDC segment of the market.

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