CBN releases $325.64 million into retail SMIS

The Central Bank of Nigeria, CBN, has pumped $325.64million into the Retail Secondary Market Intervention Sales, SMIS, to meet requests in the agricultural, airlines, petroleum products and raw materials and machinery sectors.

Acting Director, Corporate Communications of the apex bank, Mr. Isaac Okorafor said that the continued interventions were in line with the assurances made by the Governor, Godwin Emefiele, to sustain market liquidity.

Okorafor said the feedback from the wholesale and retail segments of the Nigerian Forex markets showed that customers were satisfied with their level of access to foreign exchange.

He said the degree of optimism displayed by all players underscored the fact that everyone was happy with the level of transparency in the market.

Speaking further, Okorafor assured that, with the recession now over and foreign reserves now standing at $42 billion, the CBN had enough in its arsenal to maintain the international value of the Naira as well as guarantee access to forex by those requiring it to meet genuine needs.

He also reiterated that the desire of the Bank to ensure that all, particularly low end users, had access to foreign exchange to meet genuine needs prompted the Bankers’ Committee, in its first meeting of 2018, to agree to sell United States dollars to those requiring it for invisibles at the rate of N360/$1, without any commission whatsoever.

It will be recalled that the CBN in its last SMIS, in January 2018, injected the sum of $304.4 million in the inter-bank Foreign Exchange Market.