The Central Bank of Nigeria (CBN) Friday June 23, 2017 allocated the sum of $240 million to the retail secondary market intervention sales (SMIS) segment of the foreign exchange market for spot and forward deals.
The allocation comes in the last trading day of the week, ahead of public holidays on Monday and Tuesday.
According to reports, Isaac Okorafor, acting director, Corporate Communications at the CBN, said the $240m figure released to the Retail SMIS included deals initiated in the course of the out-going week.
While expressing delight at the stability in the forex market, Mr. Okorafor said the bank remained very optimistic that its goal of exchange rate convergence is fast becoming a reality, adding that the CBN was committed to ensuring liquidity in the forex market.
The CBN equally confirmed the sale of forex to dealers in the bureau de change (BDC) segment of the market to meet the needs of low-end forex users.
The CBN had, in its interventions last week, injected about $831.5 million in the inter-bank Forex market and released figures indicating that the Bank had boosted transactions at the Investors’ & Exporters’ (I&E) segment of the market to the tune of $2.2bn.
Meanwhile, the naira continued to maintain its stability in the forex market, closing at an average of N365/$1 in the BDC segment of the market on Friday, June 23, 2017.