23 May 2017

Nigeria: Naira Watch - CBN Injects $186.5 Million for Invisible, SMEs As Naira Stable At N379/$

Photo: Premium Times
Naira.

The Central Bank of Nigeria (CBN) injected $186.5 million into the foreign exchange market even as the naira remains stable at N379 per dollar in the parallel market.

Confirming this development Tuesday, Acting Director, Corporate Communications, CBN, Mr. Isaac Okorafor, said: Following the conclusion of the Monetary Policy Committee Meeting on Tuesday, May 23, 2017 the Central Bank of Nigeria (CBN) has injected the sum of $186.5million into the invisible and the whole Wholesale Secondary Market Intervention Sales (SMIS) segments of the forex market.

The sum is made up of $36.5 million in the invisibles, $50m for Small and Medium Enterprises (SMEs) segments and $100 in the wholesale segment. The Central Bank of Nigeria (CBN) also approved the sale of $100 million at the Wholesale Secondary Market Intervention Sales (SMIS) auction announced on Monday, May 23, 2017.

Okorafor reiterated that the CBN will continue to make every necessary intervention in the interbank market to sustain the supply of forex to meet legitimate foreign exchange demands by customers.

He stated that the efforts of the CBN in sustaining the intervention in the forex market is beginning to post some positive effects, as the Naira is making steady gain against major currencies.

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