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Forex: CBN injects $325.64m into retail SMIS
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By Adesanya Alao
February 9, 2018 12:11:50pm GMT      |      Views: 504
L-R: Nene Chijioke Wuche, a beneficiary of the Etisalat Community Skills Set Programme receiving starter packs from Such Ama Chinda, Chairman, Rumuokuta Community Development Committee; Mohammed Suleh-Yusuf, Head, Government and Community Relations, Etisalat Nigeria and Francis Wokoma, President, O.A. Bella Resources at Rumuokuta Community, Port Harcourt.

WorldStage Newsonline-- The Central Bank of Nigeria (CBN) has injected $325.64 million into the Retail Secondary Market Intervention Sales (SMIS) to meet up requests in the agricultural, airlines, petroleum products and raw materials and machinery sectors.

The bank’s Acting Director in charge of Corporate Communications, Mr. Isaac Okorafor said that the continued intervention were in line with the assurances made by the Governor, Godwin Emefiele, to sustain market liquidity in order to boost production and trade.

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 N361/$1 in the BDC segment of the market on Friday, February 9, 2018.

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