FOREX: CBN approves $100m for sale at SMIS

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Wednesday, May 10, 2017 8:28 AM / CBN

The Central Bank of Nigeria (CBN) has approved the sale of $100 million at the Wholesale Secondary Market Intervention Sales (SMIS) auction announced on Monday, May 8, 2017.

The CBN Acting Director, Corporate Communications, Isaac Okorafor, confirmed this on Tuesday, May 9, 2017, while disclosing that the sales will be settled this week.

Okorafor reiterated that the CBN will continue to make every necessary intervention in the interbank market to meet all legitimate foreign exchange demands by customers.

It will be recalled that the CBN on Friday, May 5, 2017, sold a total sum of $389 million to authorized dealers in the retail sector of the market as spot and forwards.  Of the sum, $87.885 was for spot sales, while $300.8 million was sold as forwards in three tenors of 30, 45 and 60 days, respectively.

Meanwhile, the Naira maintained an average exchange rate of N386 to one United States dollar on Tuesday, May 9, 2017. Street Market surveys in Abuja and Lagos revealed that the Naira exchange for between N385 and N387.

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