Nigeria central bank lifts inter-bank retail forex market with $293m

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 $293 million.

A statement from Isaac Okorafor, the bank’s acting director, corporate communications department, 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.

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.