CBN Injects $349.34m Into Agric, Aviation, Other Sectors

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The Central Bank of Nigeria (CBN), injected the total of $349.34m into the Retail Secondary Market Intervention Sales (SMIS) segment of the Forex market in its last intervention for the week.
A statement by the CBN on Friday, May 4, 2018, noted that the interventions were meant to meet obligations in the agricultural, airlines, petroleum products and raw materials and machinery sectors.

The Acting Director, Corporate Communications Department, CBN, Isaac Okorafor, who confirmed the releases, reiterated that the bank remains committed to continue intervening in the foreign exchange market to guarantee liquidity, while boosting the nation’s production sector.
According to Okorafor, the continued interventions by the CBN in the forex market in addition to the recent currency swap with the People’s Bank of China (PBoC) would ease pressure on the country’s reserves.

He expressed confidence that the 16bn Renminbi (RMB), about $2.5bn deal would ensure adequate local currency liquidity to Nigerian and Chinese industrialists and other businesses, stressing that the deal would protect Nigerian business men and women from the harsh effects of third currency fluctuations.
Speaking further, he explained that the CBN, in injecting funds into the market, was playing its role of safeguarding the international value of the Nigerian legal tender- the Naira through exchange rate stability. He said the CBN was also committed to diversifying the nation’s economy from oil.

The CBN in its last SMIS injected the sum of $339.89, while also intervening in the inter-bank Foreign Exchange Market to the tune of $210m, comprising $100m for the wholesale segment and $55m for both the Small and Medium Enterprises (SMEs) and invisibles segment on Wednesday, May 2, 2018.

https://investdata.com.ng/2018/05/cbn-injects-349-34m-agric-aviation-sectors/#more

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