Business
THE Retail Secondary Market Intervention Sales, SMIS, of the inter-bank Foreign Exchange Market has received a total of $304,4 million from the Central Bank of Nigeria, CBN.
The money, as in previous interventions, were in favour of interests in the agricultural, airlines, petroleum products and raw materials and machinery sectors.
Isaac Okoroafor, acting director, Corporate Communications Department, CBN, confirmed the figures, reiterating that the objective of the CBN remained to boost liquidity, production and trade.
He explained that the CBN 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 expressed optimism 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.
– Jan. 26, 2018 @ 19:45 GMT
Tags: Central Bank of Nigeria Forex: CBN pump $304.4m into Retail SMIS Isaac Okoroafor
