CBN Sustains Intervention In Foreign Exchange Market With $339.89m

By Racheal Ishaya,Abuja

The Central Bank of Nigeria (CBN) on Friday sustained its intervention in the Foreign Exchange market by injecting 339.89 million dollars in the Retail Secondary Market Intervention Sales (SMIS) segment.

The Acting Director, Corporate Communications Department, CBN, Mr Isaac Okoroafor in a statement on Friday, said the continued interventions were in line with CBN’s pledge to sustain market liquidity in order to boost production and trade.

Okoroafor said that the amount released was for requests in the agriculture, airlines, petroleum products and raw materials, and machinery sectors.

According to Okoroafor, the feedback from the wholesale and retail segments of the Nigerian Foreign Exchange markets showed that customers are satisfied with their level of access to foreign exchange.

He also assured Nigerians that the recent confirmation of Deputy Governors and Monetary Policy Committee (MPC) nominees by the Senate would further spur the bank toward taking sound decisions needed for economic development.

The News Agency of Nigeria (NAN) recalls that the apex bank had on March 19, injected 210 million dollars into the Wholesale segment of the foreign exchange market.

Meanwhile, the naira exchanged at N362 to a dollar in the Bureau de Change segment of the market. (NAN)