FOREX: CBN Injects $254.3m Into Retail Segment
The Central Bank of Nigeria (CBN) on Friday gave players in the retail segment of the Nigerian inter-bank foreign exchange (FOREX) market something to cheer about with a 254.3 million dollars boost for their trading activities.
This is even as the local currency, the Naira exchanged at an average of N364 to a dollar at the Bureau de Change segment (BDCs) in Abuja, representing a slim depreciation of N4 as against the N360 recorded on Thursday, July 6, 2017.
CBN’s Acting Director, Corporate Communications, Mr Isaac Okorafor said the intervention came on the heels of huge bids from authorized dealers, on behalf of their customers.
Okorafor said in a statement that the 254.3 million dollars went to companies operating in the agricultural, petroleum, airline and raw materials industry.
According to him, the apex bank’s last intervention in the Retail Secondary Market Intervention Sales (SMIS) on June 23 was 240 million dollars for spot and forward deals, adding that there was also another 390 million dollars intervention in the wholesale, SMEs and invisibles segments of the market on June 28 and July 3, 2017.
The CBN’s spokesman said the Bank was fully committed to ensure that all the sectors constantly enjoy access to the volume of foreign exchange needed to grow their various business concerns.
