Home BANKING & FINANCE Central Bank Boosts Retail Segment Of Forex With $318.73m

Central Bank Boosts Retail Segment Of Forex With $318.73m


Customers in the retail segment of the Nigerian inter-bank foreign exchange market received a $318.73 million boost from the Central Bank of Nigeria (CBN) today, Friday.

A statement from the apex bank said that the deals in the retail window represent requests from the various sectors in the Secondary Market Intervention Sales (SMIS).

The Acting Director in the Corporate Communications department of the CBN, Isaac Okorafor, confirmed the forex sales and explained that $318.73 million sold was for companies in the raw materials, agricultural, airline and petroleum industries.

It will be recalled that last Tuesday, the CBN had intervened to the tune of $210 million to cater for requests in the wholesale segment of the forex market.

Okorafor said that the CBN remained committed to ensuring that all the sectors continue to enjoy access to the foreign exchange required for their business concerns.

This was even as the naira, today, Friday, exchanged at an average of N360/$1 in the Bureau de Change segment (BDCs) across major trading points in Lagos, Abuja, Port-Harcourt and Kano.

See also:  CBN To Business Day: You Lied