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Forex: CBN boosts retail segment with $306.3m

By News Express on 14/10/2017

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•CBN Headquarters
•CBN Headquarters

Players in the retail segment of the Nigerian inter-bank foreign exchange market received a $306.3 million boost from the Central Bank of Nigeria (CBN) on Friday, following bids received from foreign exchange dealers by the apex bank.

Information obtained from the CBN indicates that the deals in the retail window represent requests from the various sectors in the Secondary Market Intervention Sales (SMIS), thereby providing a boost to the respective sectors.

Mr. Isaac Okorafor, the Acting Director of Corporate Communications Department, while responding to media enquiries, revealed that the CBN would continue to increase liquidity based on genuine demands in the market to enhance foreign exchange stability. 

He reminded Nigerians that the CBN had kept faith with its resolve to sustain liquidity in the foreign exchange market and that the Bank had ensured that pressures on the market were removed by its continuous interventions.

Meanwhile, the Naira on Friday, October 13, 2017 exchanged at an average of N364/$1 in the Bureau de Change segment (BDCs) across major trading points in Lagos, Abuja, Port-Harcourt and Kano.

Source News Express

Posted 14/10/2017 05:13:41 AM

 

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