Naira Reacts As CBN Injects Fresh $339.89m Into Forex Market

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Naira Increases In Value As Surplus Dollars Hit Nigeria Market

The Central Bank of Nigeria (CBN) on Friday, March 23, sustained its intervention in the foreign exchange (forex) market by injecting the sum of $339.89 million in the Retail Secondary Market Intervention Sales (SMIS).

Confirming the figure in a statement he issued, the Acting Director, Corporate Communications, CBN, Mr. Isaac Okorafor, said that the continued interventions were in line with the pledge made by the Governor, Godwin Emefiele, to sustain market liquidity in order to boost production and trade.

Nigerian Banks Lose 2 Million Customer In 2017

Okorafor further disclosed that the feedback from the wholesale and retail segments of the Nigerian forex markets showed that customers were satisfied with their level of access to foreign exchange.

He also assured Nigerians that the recent confirmation of Deputy Governors and Monetary Policy Committee (MPC) nominees by the Senate would further spur the Bank towards taking sound decisions needed for economic development.

Details obtained from the Bank indicate that the amount released was for requests in the agricultural, airlines, petroleum products and raw materials and machinery sectors.

It will be recalled that the preceding Friday, the Bank injected $210 million into the Wholesale segment of the forex market.

Meanwhile, the naira exchanged at N362/$1 in the BDC segment of the market yesterday.

Datboyjerry

Datboyjerry

I am but your herald boy in the art of the pen.. An eccentric Environmental Biologist smouldered in the glorious epiphany of online journalism. If you ever find my article unduly insipid, sue me and i’ll refund you...

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