The Central Bank of Nigeria (CBN), yesterday, boosted the FOREX market by offering a total of $195m in three segments of the market.
A statement from the apex bank said “in the wholesale Secondary Market Intervention Sales (SMIS), of the inter-bank Foreign Exchange market, it auctioned $100m and also intervened in the Small and Medium Enterprises (SMEs) and invisible segments, with the sum of $50 million and $45 million respectively.
This week’s intervention is coming ahead of the Monetary Policy Committee Meeting ending today in Abuja.
Yesterday’s sale follows the major intervention, last week, to the tune of $545 million, as the retail Secondary Market Intervention Sales (SMIS) received the largest intervention of $285 million.
Other segments include the $100 million offered for wholesale SMIS, $90 million for SMEs window and $70 million for invisibles such as Basic Travel Allowances, tuition fees and medical payments.
The CBN Acting Director, Corporate Communications, Isaac Okoroafor, reiterated that the bank’s intervention was to maintain its commitment to sustain liquidity in the market to meet genuine requests as well as deepen flexibility in the foreign exchange market.
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