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CBN injects $304.4m into forex market

The Central Bank of Nigeria (CBN) has intervened in the Retail Secondary Market Intervention Sales (SMIS) of the inter-bank Foreign Exchange Market to the tune of 304.4 million dollars.

The Bank’s Acting Director, Corporate Communications Department, Mr Isaac Okorafor, in a statement in Abuja on Friday reiterated that the objective of the CBN remained to boost liquidity, production and trade.

He said that the recent interventions were in favour of interests in the agriculture, airlines, petroleum products, raw materials and machinery sectors.

Okorafor expressed optimism that the Nigerian economy stood to gain massively from the Bank’s foreign exchange management strategy.

According to him, it can be seen in the accretion to the foreign reserves, which now stands at more than 40 billion dollars.

Meanwhile, the naira exchanged for N361 to a dollar in the Bureau de Change segment of the market on Friday.

The post Cbn Injects $304.4m into forex market appeared first on News360 Info.

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CBN injects $304.4m into forex market


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