CBN Targets $358m FX At Retail Secondary Market

CBN Targets $358m FX At Retail Secondary Market

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Post Views: 421 The Central Bank of Nigeria (CBN) on Friday, July 13, 2018 injected the sum of $358m into the Retail Secondary Market Intervention sal...

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The Central Bank of Nigeria (CBN) on Friday, July 13, 2018 injected the sum of $358m into the Retail Secondary Market Intervention sales (SMIS), in what according to its Acting Director of Corporate Communications, Isaac Okorafor, was meant to address foreign exchange needs in the agricultural, petroleum products, airlines, raw materials and machinery sectors.
Okorafor, while noting that the foreign exchange market was currently enjoying a great deal of stability, reiterated his assurance that the CBN would continue to intervene in order to ensure liquidity in the market.
According to him, the apex bank’s effort had guaranteed access to foreign exchange to all those requiring it to meet their genuine needs, stressing the objective remained 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 Friday, June 29, 2018, the CBN intervened with the sum of $318.73 million in the inter-bank foreign exchange market.
Meanwhile, the naira exchanged at N361/$1 in the Bureau de Change segment of the market on Friday, July 13, 2018.

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