The Central Bank of Nigeria (CBN) on Friday, allocated
the total sum of $240 million to the Retail Secondary
Market Intervention Sales (SMIS) for spot and forward
deals.
The dollars were offered for the last trading day of the
week and ahead of June 26 and 27, 2017 holiday
declared by the federal government to commemorate
the Eid-el-Fitr.
The Bank, also on Friday, confirmed the sale of forex
to dealers in the bureau de change (BDC) segment of
the market to meet the needs of low-end forex users.
According to Isaac Okorafor, the acting director,
corporate communications at the CBN, the $240m
figure released to the Retail SMIS included deals
initiated in the course of the out-going week.
While expressing delight at the stability in the forex
market, Okorafor said the bank remained very
optimistic that its goal of exchange rate convergence
is fast becoming a reality, adding that the CBN was
committed to ensuring liquidity in the forex market.
It will be recalled that the CBN, in its interventions last
week, injected about $831.5 million in the inter-bank
Forex market and released figures indicating that the
Bank had boosted transactions at the Investors’ &
Exporters’ (I&E) segment of the market to the tune of
$2.2bn.
Meanwhile, the naira continued to maintain its stability
in the forex market, closing at an average of N365/$1
in the BDC segment of the market on Friday, June 23,
2017.
TheCable
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