CBN injects $335.43m into retail SMIS

0
515

The Central Bank of Nigeria (CBN) on Friday, March 9, 2018 injected the sum of $355.43m into the Retail Secondary Market Intervention Sales (SMIS) in its resolve to guarantee liquidity in the market,.

Figures obtained from the CBN on Friday revealed that the figure was to meet requests in the agricultural, airlines, petroleum products and raw materials and machinery sectors.

The Bank’s Acting Director, Corporate Communications Department, Mr. Isaac Okorafor confirmed the figures, reiterating that the CBN interventions in the market were aimed at sustaining liquidity in the market as well as boosting production and trade.

He explained that, with increasing accretion to the country’s reserve, the Bank is in a much better position to ensure liquidity in the inter-bank sector of the market and as such would continue to intervene in order to drive growth in the economy and guarantee stability in the market, particularly now that the economy had gained steam due to an upsurge in the non-oil sector.

With the rates closing at N360/$1 on Friday, March 9, 2018, Mr. Okorafor, expressed confidence that the Bank’s forex intervention underscored its determination to maintain the country’s external reserves in order to safeguard the international value of the Naira.

It will be recalled that the CBN, in its last SMIS in February 2018, injected the sum of $321.4 million in the interbank market, while also intervening in the inter-bank Foreign Exchange Market to the tune of $210,000,000, comprising of $100million for the wholesale segment and $55 million for both the Small and Medium Enterprises (SMEs) and invisibles segment.

SHARE
Previous articleFollow guidelines in collating results, Jonathan tells Sierra Leone NEC
Next articleOPEC’s Crude Exports To U.S. Slumps Further
Godwin Okafor is a Financial Journalist, Internet Social Entrepreneur and Founder of Naija247news Media Limited. He has over 16 years experience in financial journalism. His experience cuts across traditional and digital media. He started his journalism career at Business Day, Nigeria and founded Naija247news Media in 2010. Godwin holds a Bachelors degree in Industrial Relations and Personnel Management from the Lagos State University, Ojo, Lagos. He is an alumni of Lagos Business School and a Fellow of the University of Pennsylvania (Wharton Seminar for Business Journalists). Over the years, he has won a number of journalism awards. Godwin is the chairman of Emmerich Resources Limited, the publisher of Naija247news.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.