By Dipo Olowookere
An additional $343.06 million has been released by the Central Bank of Nigeria (CBN) into the foreign exchange (forex) market to cater for requests in the agricultural, airlines, petroleum products and raw materials and machinery sectors.
Spokesman of the nation’s central bank, Mr Isaac Okorafor, said the $343.06 million released to the retail Secondary Market Intervention Sales (SMIS) on Thursday was to help maintain stability in the forex market
He further said the money will also help boost production and trade in the country.
On Tuesday, the apex bank auctioned $210 million to forex dealers in the interbank foreign exchange segment of the market.
The injection was to strengthen the local currency at the forex market.
Mr Okarafor assured that the central bank will continue to support the market to sustain market liquidity.
He further assured stakeholders that the CBN remains very committed to ensuring that all the sectors continue to enjoy access to the foreign exchange required for the business concerns.
Adedapo Adesanya