Published on Mar 09, 2018 Greenbarge Reporters
The Central Bank of Nigeria (CBN), in its resolve to guarantee liquidity in the market, has again, injected the sum of $355.43 million into the Retail Secondary Market Intervention Sales (SMIS).
Information from the apex bank today, Friday, said that the figure is to meet requests in the agricultural, airlines, petroleum products and raw materials and machinery sectors.
The Bank’s Acting Director in the Corporate Communications Department, Isaac Okorafor confirmed the figures, adding that the CBN interventions in the market were aimed at sustaining liquidity in the market as well as boosting production and trade.
He said that with increasing accretion to the country’s reserve, the Bank is in a much better position to ensure liquidity in the inter-bank sector of the market and as such would continue to intervene in order to drive growth in the economy and guarantee stability in the market, particularly now that the economy had gained steam due to an upsurge in the non-oil sector.
He said that with the rates now at N360/$1, it is obvious that the Bank’s forex intervention will maintain the country’s external reserves in order to safeguard the international value of the Naira.
It will be recalled that the CBN, in its last SMIS in February 2018, injected the sum of $321.4 million in the interbank market, while also intervening in the inter-bank Foreign Exchange Market to the tune of $210,000,000, comprising of $100million for the wholesale segment and $55 million for both the Small and Medium Enterprises (SMEs) and invisibles segment.
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