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Naira Remains Unchanged as CBN Fuels Forex Market With $293 Million

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Naira Remains Unchanged as CBN Fuels Forex Market With $293 Million

The Naira remained sthe same as the Central Bank of Nigeria (CBN) during the weekend lifted the Retail Secondary Market Intervention Sales (SMIS) of the inter-bank Foreign Exchange Market with the sum of $293 million.

A statement from the bank’s Acting Director, Corporate Communications Department, Isaac Okorafor, confirming the figures, indicated that the sum, as in previous interventions, was in favour of interests in the agriculture, airlines, petroleum products, raw materials and machinery sectors.

He reiterated that the objective of the CBN intervention in the foreign exchange market has remained ensuring liquidity in the foreign exchange market and enhance production activities.

He explained that the CBN will continue to ensure liquidity in the interbank sector of the market as well as sustain its interventions in order to drive economic growth and guarantee market stability.

Meanwhile, the naira remained stable and exchanged for N361/$1 in the BDC segment of the market on Friday, May 18.

The naira had been relatively stable at 360 to the dollar for months after the CBN in April 2017 liberalised trade in the currency for investors as it emerged from a currency crisis and recession brought on by low oil prices that also slashed government revenues.

Bukunmi Oyelude

I'm what they call "The Quadruple" - I'm a minimalist, a conspiracy theorist, a budding writer, and an info nerd. I operate under the auspices of me. Nerd not noob.

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