Home BANKING & FINANCE Central Bank Pumps $358 Million Into Secondary Market Intervention Sales

Central Bank Pumps $358 Million Into Secondary Market Intervention Sales

CBN-Office-Abuja

The Central Bank of Nigeria has, again, injected the sum of $358 million into the Retail Secondary Market Intervention sales (SMIS).

The Bank’s Acting Director of Corporate Communications, Isaac Okorafor, who confirmed the figure, said that it is meant to address foreign exchange needs in the agricultural, petroleum products, airlines, raw materials and machinery sectors.

Okorafor said that the foreign exchange market was currently enjoying a great deal of stability, adding that the Bank would continue to intervene in order to ensure liquidity in the market.

According to him, the Bank’s effort had guaranteed access to foreign exchange to all those requiring it to meet their genuine needs, saying that the objective is to sustain market liquidity and confidence in order to boost production and trade.

It will be recalled that at its last retail SMIS intervention on 29 June, the CBN had intervened with the sum of $318.73 million in the inter-bank foreign exchange market.

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Meanwhile, the naira exchanged at N361/$1 in the Bureau de Change segment of the market today.