CBN Boosts Retail Secondary Market Intervention Sales with $262.5m

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Currency dealers at work

By Ndubuisi Francis in Abuja

The Central Bank of Nigeria (CBN) has injected $262.5 million in its first retail Secondary Market Intervention Sales (SMIS) for the year under the inter-bank Foreign Exchange Market.

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

The Acting Director, 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.

Okorafor also reiterated that the bank’s intervention had effectively checked the activities of speculators, assuring that the CBN 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 yesterday, maintaining its stability in the market.