CBN lifts retail SMIS with $293m

CBN lifts retail SMIS with $293m
May 19 00:53 2018 Print This Article

By Nasir Kura

The Central Bank of Nigeria (CBN) on Friday, May 18, 2018 lifted the Retail Secondary Market Intervention Sales (SMIS) of the inter-bank Foreign Exchange Market with the sum of $293m.

A statement from the Bank’s Acting Director, Corporate Communications Department, Mr. Isaac Okorafor, confirming the figures, indicated that the sum, as in previous interventions, were in favour of interests in the agricultural, airlines, petroleum products, raw materials and machinery sectors.

Mr. Isaac Okorafor reiterated that the objective of the CBN intervention in the foreign exchange market remained to ensure liquidity in the foreign exchange market and enhance production activities.

He explained that the CBN would continue to ensure liquidity in the interbank sector of the market as well as sustain its interventions in order to drive economic growth and guarantee market stability.

Meanwhile, the naira remained stable and exchanged for N361/$1 in the BDC segment of the market on Friday, May 18, 2018.