Retail SMIs get $262.5m CBN boost

Friday, January 12,
2018 08:26PM /CBN

In its first Retail Secondary Market Intervention
Sales (SMIS) for the year, the Central Bank of Nigeria (CBN) on Friday, January
12, 2018, intervened in the inter-bank Foreign Exchange Market with the total
sum of $262,500,000.

Data received from the CBN on Friday revealed that
the sum was in favour of the agricultural, airlines, petroleum products and raw
materials and machinery sectors.

The Acting Director in charge of Corporate
Communications at the Bank, Mr. Isaac Okorafor confirmed the figures, noting
that the releases remained targeted at boosting production and trade in
addition to sustaining liquidity in the market.

According to him, the
CBN would not relent in its resolve to make the inter-bank forex market liquid;
stressing that the Bank was committed to driving economic growth and guaranteeing
stability in the market.

Mr. Okorafor also reiterated that the Bank’s
intervention had effectively checked the activities of speculators, assuring
that the Bank would continue to monitor, thoroughly, the activities of authorised
dealers in order to checkmate possible sharp practices.

Meanwhile, the Naira
exchanged at N359 to a United States dollar on Friday, January 12, 2018,
maintaining its stability in the market.

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