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CBN diverts $335.43M to foreign market exchange

The central bank of Nigeria injects $355.43Million into Secondary Market Intervention Sales (SMIS) on Friday, in order to guarantee liquidity.

CBN reports that this was to help meet certain sectors of the economy request such as; airlines, agriculture, raw materials, petroleum products and machinery.

Isaac Okafor, CBB’S acting director state again that the engagement of the bank will work in increasing production and trade, also strengthen liquidity in the market.

The commitment of the bank will steer developing the economy an strengthen its market stability, says Okafor. Mostly at this moment the economy becoming strengthened as a result of the boost in the non-oil sector.

At the bank forex engagement, Mr Okarfor states its goal to maintain Nigeria’s external reserves to protect the depreciation of Naira due to currency exchange rate N360 to a dollar.

In February 2018, CBN planted $321.4million into interbank market in its last SMIS. Likewise engaging in the interbank foreign exchange market with $210million.

The wholesale segment is equal $100million $55million for both Small and Medium Enterprises (SMEs) and invisible segment.

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