Forex: CBN Injects $240m to Retail SMIS

Forex: CBN Injects $240m to Retail SMIS

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Post Views: 195 In the last trading day of the week and ahead of June 26 and 27, 2017 holiday declared by the Federal Government to commemorate the Ei...

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In the last trading day of the week and ahead of June 26 and 27, 2017 holiday declared by the Federal Government to commemorate the Eid-el-Fitr, the Central Bank of Nigeria (CBN) on Friday, June 23, 2017, allocated the total sum of $240m to the Retail Secondary Market Intervention Sales (SMIS) for spot and forward deals.
This brought total interventions for the week to about $831.5m in the inter-bank Forex market, just as data indicated that the apex bank had boosted transactions at the Investors’ & Exporters’ (I&E) segment of the market to the tune of $2.2bn.
Also on Friday, the apex bank confirmed the sale of forex to dealers in the Bureau de Change (BDC) segment of the market to meet the needs of low-end forex users.
According to the Acting Director, Corporate Communications at the CBN, Isaac Okorafor, the $240m released to the Retail SMIS included deals initiated in the course of the week.
While expressing delight at the stability in the forex market, Okorafor expressed the CBN’s optimism that its goal of exchange rate convergence is fast becoming a reality, restating a commitment to ensuring liquidity in the forex market.
Meanwhile, the Naira continued to maintain its stability in the FOREX market, closing at an average of N365/$1 in the BDC segment of the market on Friday, June 23, 2017.

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