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