February 9, 2018 /05:38 PM /CBN
The Central Bank of Nigeria (CBN) has again intervened in the Retail Secondary Market Intervention Sales (SMIS) to the tune of $325.64 million.
Figures obtained from the Bank on Friday, February 9, 2018, indicate that the amount released was for requests in the agricultural, airlines, petroleum products and raw materials and machinery sectors.
According to Okorafor, the feedback from the wholesale and retail segments of the Nigerian Forex markets showed that customers were satisfied with their level of access to foreign exchange. He said the degree of optimism displayed by all players underscored the fact that everyone was happy with the level of transparency in the market.
Speaking further, Okorafor assured that, with the recession now over and foreign reserves now standing at $42 billion, the CBN had enough in its arsenal to maintain the international value of the Naira as well as guarantee access to forex by those requiring it to meet genuine needs.
He also reiterated that the desire of the Bank to ensure that all, particularly low end users, had access to foreign exchange to meet genuine needs prompted the Bankers’ Committee, in its first meeting of 2018, to agree to sell United States dollars to those requiring it for invisibles at the rate of
N360/$1, without any commission whatsoever.
It will be recalled that the CBN in its last SMIS, in January 2018, injected the sum of $304.4 million in the inter-bank Foreign Exchange Market.
Meanwhile, the naira exchanged at
in the BDC segment of the market on Friday, February 9, 2018.
1. Gross Official Reserves Moved Across the US$40bn Threshold, and Counting
2. CBN Injects $210m into Forex Market
3. Forex: Retail SMIs get $304.4m
4. CBN Boosts Forex Market with $210m
5. Reserves Accumulation via Another Window
6. CBN Injects $210m into Forex Market
7. Retail SMIs get $262.5m CBN boost
8. Nigeria’s External Reserves Hit $40.4 Billion as CBN Injects $210m into Interbank Market
9. Forex Market Gets Another $210m Boost from CBN
10. Reserves Heading Towards US$40bn
11. Naira Stability, Policy Stability
12. CBN Boosts Forex Market with $210m