CBN to sustain intervention in FOREX market

Posted by News Express | 10 April 2017 | 1,359 times

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In its avowed determination to ensure ample supply of foreign exchange liquidity in the market, the Central Bank of Nigeria (CBN) on Friday 7th April 2017 auctioned the sum of $418 million at the retail-SMIS at a marginal rate of N310 to a dollar (The airlines, agriculture, petroleum and raw materials/machineries sub sectors benefitted from the auction). This was in addition to the sum of $350 million sold as wholesale auction, BTA/PTA, and school fees during the week.

According to a statement issued on Sunday in Abuja by CBN Spokesman, Isaac Okorafor, the CBN will, in the weeks ahead, sustain its intervention through the sale of foreign exchange to all segments of the market i.e. PTA/BTA, Wholesale SMIS, Retail SMIS and the BDC.

He also disclosed that the Bank will sell short tenured forwards of 7-30 day maturity to meet demand of manufacturers and all other foreign exchange users.

“These significant injections of foreign exchange into the market should reassure all foreign exchange users of our determination to continue to meet all legitimate FX demand in the market while striving to achieve exchange rate stability in the market, the statement read.


Source: News Express

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