The Central
Bank of Nigeria (CBN) on Friday, allocated the total sum of $240 million to the
Retail Secondary Market Intervention Sales (SMIS) for spot and forward deals.
The dollars
were offered for the last trading day of the week and ahead of June 26 and 27,
2017 holiday declared by the federal government to commemorate the Eid-ul-Fitr.
The Bank,
also on Friday, confirmed the sale of forex to dealers in the bureau de change
(BDC) segment of the market to meet the needs of low-end forex users.
According to
Isaac Okorafor, the acting director, corporate communications at the CBN, the
$240m figure released to the Retail SMIS included deals initiated in the course
of the out-going week.
While
expressing delight at the stability in the forex market, Okorafor said the bank
remained very optimistic that its goal of exchange rate convergence is fast
becoming a reality, adding that the CBN was committed to ensuring liquidity in
the forex market.
It will be
recalled that the CBN, in its interventions last week, injected about $831.5
million in the inter-bank Forex market and released figures indicating that the
Bank had boosted transactions at the Investors’ & Exporters’ (I&E)
segment of the market to the tune of $2.2bn.
Meanwhile,
the naira continued to maintain its stability in the forex market, closing at
an average of N365/$1 in the BDC segment of the market on Friday, June 23,
2017.
0 Comments