CBN allocates $343.06m to agriculture, airlines, petroleum sectors
By The Central Bank of Nigeria (CBN) on Thursday intervened in the Retail Secondary Market Intervention Sales (SMIS) to the tune of $343.06 million, to meet forex demand of key sectors of the economy.
Figures obtained from the Bank on Thursday, June 14, 2018, indicate that the amount released was for requests in the agricultural, airlines, petroleum products and raw materials and machinery sectors.
Consequently, the nation’s naira on Thursday appreciated across segments of foreign exchange market. At the investors and exporters forex window, naira gained slightly by 0.01 percent to close at N361.07k per dollar on Thursday from N361.10k/$, data from FMDQ show.
The local currency was quoted at the rate of N305.85k to the dollar on Thursday as against N305.85/$. Naira strengthened by 0.02 percent to N361.05k per dollar on the same day compared to N361.12k/$ traded the previous day.
The Acting Director, Corporate Communications at the CBN, Isaac Okorafor confirmed the figures and noted thatthe continued intervention were in line with the assurances made by the Governor, Godwin Emefiele, to sustain market liquidity in order to boost production and trade and maintain stability in the forex market.
Speaking further, Okorafor assured that the CBN remained very committed to ensuring that all the sectors continue to enjoy access to the foreign exchange required for the business concerns.
The CBN and the Bankers committee said yesterday that the CBN has enough arsenal to ensure that there is stable exchange rate, to ensure liquidity in the forex market and that any demand for forex will be met.
It will be recalled that on Tuesday, this week, the Bank injected the sum of $210 million into the inter-bank Foreign Exchange Market.
Meanwhile, the naira exchanged at N362/$1 in the BDC segment of the market on Thursday, June 14, 2018.
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