CBN Boosts Forex Market With $331m

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The Central Bank of Nigeria (CBN) on Friday, June 1, injected a total of $331.41million to players in different sectors in the Retail Secondary Market Intervention Sales (SMIS).

The move by Nigeria’s apex bank was in continuation of its push to guarantee foreign exchange liquidity.

Confirming the releases, the Bank’s Acting Director, Corporate Communications, Isaac Okorafor said “companies in the agricultural, airlines, petroleum products and raw materials and machinery sectors were the beneficiaries of the $331.41m intervention.

“The CBN will continue to make interventions in the forex market in order to guard against illiquidity and checkmate actions of speculators that could mount pressure on the country’s reserves.”

Reiterating the assurances of the CBN Governor, Godwin Emefiele, he said the Bank was “buoyant enough to meet the foreign exchange requests of various customers cut across the different segments of the market.”

He charged every customer requiring foreign exchange to approach their respective banks with relevant documents to make formal requests, stressing that the authorized dealers had enough supply to meet every legitimate request.



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