Forex: CBN Gives Retail SMIS $343.06m Boost

Forex: CBN Gives Retail SMIS $343.06m Boost

By Mariam Sanni, Abuja

The retail Secondary Market Intervention Sales (SMIS) has obtained a lift of $343.06 million from the Central Bank of Nigeria (CBN), following the Bank’s intervention within the Foreign Exchange market on Thursday, June 14, 2018.

Figures obtained from the Bank point out that the quantity launched was for requests within the agricultural, airways, petroleum merchandise and uncooked supplies and equipment sectors.

Confirming the figures, the Acting Director, Corporate Communications on the CBN, Isaac Okorafor, famous that the continued interventions of the Bank had been in step with the assurances made by the Governor, Godwin Emefiele, to maintain market liquidity with a purpose to enhance manufacturing and commerce in addition to keep stability within the foreign exchange market.

Speaking additional, Okorafor assured that the CBN remained dedicated to making sure that each one the sectors proceed to take pleasure in entry to the overseas trade required for the enterprise considerations.

It might be recalled that on Tuesday, June 12, 2018, the Bank injected the sum of $210 million into the Wholesale phase of the inter-bank Foreign Exchange Market.

Meanwhile, the naira exchanged at N362/$1 within the BDC phase of the market on Thursday, June 14, 2018.

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