CBN boosts retail SMIS With $321.4m

The Central Bank of Nigeria (CBN) has again intervened in the Retail Secondary Market Intervention Sales (SMIS) with $321.4 million. Figures obtained from the Bank on Friday revealed that the amount was for requests in the agriculture, aviation, petroleum products, raw materials and machinery sectors.

Confirming the figures, CBN’s Acting Director, Corporate Communications, Isaac Okorafor, noted that the intervention was in line with assurances made by CBN Governor Godwin Emefiele to sustain market liquidity, boost production and trade, and maintain stability in the forex market.

Okorafor said the CBN remained committed to ensuring that all the sectors enjoy access to foreign exchange.

The CBN in its last SMIS earlier in February 2018 had injected $325.64 million into the inter-bank Foreign Exchange Market.