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Home Economy FOREX: CBN boosts Retail Segment with $254.3m
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FOREX: CBN boosts Retail Segment with $254.3m

By
Prnigeria
-
July 7, 2017
CBN
CBN

CBN
CBN

FOREX: CBN boosts Retail Segment with $254.3m

Players in the retail segment of the Nigerian inter-bank foreign exchange market received a $254.3m boost from the Central Bank of Nigeria (CBN) on Friday, July 7, 2017, following bids received from forex dealers by the apex Bank.

Information obtained from the CBN on Friday indicates that the deals in the retail window represent requests from the various sectors in the Secondary Market Intervention Sales (SMIS), thereby providing a boost to the respective sectors.

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The Acting Director, Corporate Communications at the CBN, Isaac Okorafor, while confirming the forex sales, explained that the sale was in response to bids received from authorized dealers, on behalf of their customers, at the retail auction announced by the CBN on Wednesday, July 5, 2017.
He disclosed that the $254.3m sold was for companies in the raw materials, agricultural, airline and petroleum industry.

He recalled that that the Bank, at its last intervention in the Retail Secondary Market Intervention Sales (SMIS) on June 23, 2017, injected a total of $240 million for spot and forward deals, just as it intervened with the total sum of $390 million in the wholesale, SMEs and invisibles segments of the market on June 28 and July 3, 2017.
Speaking further, Okorafor said the CBN remained very committed to ensuring that all the sectors continue to enjoy access to the foreign exchange required for their business concerns.

Meanwhile, the naira, on Friday, July 7, 2017, exchanged at an average of N364/$1 in the Bureau de Change segment (BDCs) across major trading points in Lagos, Abuja, Port-Harcourt and Kano.

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Senator Ireti Kingibe Defects from Labour Party, Joins ADCLakurawa kills 3 police operatives in KebbiNiger Police Confirm Arrest of 22 Illegal Miners After Violent ClashFG Secures 44 New Convictions in Terrorism Financing TrialTroops Nab Three Gunrunners, Recover AK-47 Rifles, Ammo in KadunaBoard Approves Promotion of 95 Senior Officers in Immigration, Civil Defence, Fire, Correctional ServicesAlake's Verdict on Mining Marshals By Abdullahi O Haruna HaruspiceThe Facts About Nigeria’s Debts Burden Under Tinubu’s Watch By Zekeri Idakwo LarubaGovernor Yusuf of Kano Wins Top Infrastructure Award at London’s 15th African Achievers EventLocal Government Autonomy Not Negotiable — FG DeclaresNigeria’s Future Rests on Smart Defence Management — Badaru to Military LeadersCustoms Hands Over 99.2bn Worth of Illicit Pharmaceutical Products to NAFDACTroops Intercept 3 Gunrunners, Seize Weapons, Cash in KadunaTroops Bust IPOB/ESN Logistics Network, Arrest Informants in Southeast — DHQSoludo and Radda’s Candid Confessions on Homegrown Terror By Tahir Ahmad
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