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CBN Gives $262.5m to Retail SMIS as Naira Trades Flat at Black Market

By Dipo Olowookere

On Friday, the Central Bank of Nigeria (CBN) injected $262.5 million into the Retail Secondary Market Intervention Sales (SMIS) for spot and forward deals.

This was part of the central bank’s commitment to guarantee liquidity in the foreign exchange (forex) market.

It was the first for the year for the sector.

The apex bank said yesterday that it would not relent in its resolve to make the inter-bank forex market liquid; stressing that it was committed to driving economic growth and guaranteeing stability in the market.

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Data obtained from the central bank disclosed that the sum was in favour of the agricultural, airlines, petroleum products and raw materials and machinery sectors.

CBN’s Acting Director in charge of Corporate Communications, Mr Isaac Okorafor, disclosed that Friday’s $262.5 million boost remained targeted at enhancing production and trade in addition to sustaining liquidity in the market.

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Mr Okorafor reiterated that the bank’s intervention had effectively checked the activities of speculators, assuring that the chief lender would continue to monitor, thoroughly, the activities of authorised dealers in order to checkmate possible sharp practices.

Meanwhile, the Naira traded flat at the parallel segment of the forex market yesterday.

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Business Post reports that the local was sold for N363 per Dollar, N485 to the Pound, and N431 to the Euro at the black market, the same rate they respectively traded on Thursday.

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Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan.

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