CBN lifts Forex market with $293m

Posted by News Express | 19 May 2018 | 1,209 times

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•CBN headquarters in Abuja

 

The Central Bank of Nigeria (CBN) on Friday lifted the Retail Secondary Market Intervention Sales (SMIS) of the Inter-bank Foreign Exchange Market with the sum of $293m.

A statement from the Bank’s Acting Director, Corporate Communications Department, Mr. Isaac Okorafor, confirming the figures, indicated that the sum, as in previous interventions, were in favour of interests in the agricultural, airlines, petroleum products, raw materials and machinery sectors.

Mr. Isaac Okorafor reiterated that the objective of the CBN intervention in the foreign exchange market remained to ensure liquidity in the foreign exchange market and enhance production activities.

He explained that the CBN would continue to ensure liquidity in the interbank sector of the market as well as sustain its interventions in order to drive economic growth and guarantee market stability.

Meanwhile, the naira remained stable and exchanged for N361/$1 in the BDC segment of the market on Friday.


Source: News Express

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