In its relentless move to guarantee liquidity in the foreign exchange market, the Central Bank of Nigeria (CBN) has intervened in the Retail Secondary Market Intervention Sales (SMIS) segment of the market to the tune of $396.18million.
According to figures obtained from the CBN on Friday, April 20, 2018, the released sum is meant to meet obligations in the agricultural, airlines, petroleum products and raw materials and machinery sectors.
Confirming the figures, the Bank’s Acting Director, Corporate Communications Department, Isaac Okorafor said that interventions by the CBN in both the retail and wholesale sectors of the forex market were targeted primarily at ensuring liquidity in the market as well as encouraging production and trade, particularly now that the focus was on the promotion of local content. Breaking Times
