Economy

Naira Exchanges At N360/$, As CBN Boosts Retail FX Segment with $318.73m

The Naira, on Friday, June 29, 2018, 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.

Meanwhile, customers in the retail segment of the Nigerian inter-bank foreign exchange market received a $318.73m boost from the CBN on Friday, June 29, 2018.

Information obtained from the apex bank on Friday indicates that the deals in the retail window represent requests from the various sectors in the Secondary Market Intervention Sales (SMIS), thereby providing a boost to the respective sectors.

Acting Director, Corporate Communications at the CBN, Isaac Okorafor, while confirming the forex sales, explained that $318.73m sold was for companies in the raw materials, agricultural, airline and petroleum industries.

It will be recalled that last Tuesday, June 26, 2018, the CBN had intervened to the tune of $210m to cater for requests in the wholesale segment of the forex market.

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

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