Naira Remains Stable As CBN Forex Market With $293 million.

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The Naira remained stable as the Central Bank of Nigeria (CBN) during the weekend lifted the Retail Secondary Market Intervention Sales (SMIS) of the inter-bank Foreign Exchange Market with the sum of $293 million.

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

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He reiterated that the objective of the CBN intervention in the foreign exchange market has remained ensuring liquidity in the foreign exchange market and enhance production activities.

He explained that the CBN will 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.

Naira Depreciates Against Dollar (May 18)

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

The naira had been relatively stable at 360 to the dollar for months after the CBN in April 2017 liberalised trade in the currency for investors as it emerged from a currency crisis and recession brought on by low oil prices that also slashed government revenues.

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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