CBN allocates $343.06ml to key economic sectors

Governor, Central Bank of Nigeria (CBN), Mr Godwin Emefiele

The Central Bank of Nigeria (CBN) has intervened in the Retail Secondary Market Intervention Sales (SMIS) to the tune of $343.06 million, to meet forex demand of key sectors of the economy.

Figures obtained from the Bank indicate that the amount released was for requests in the agricultural, airlines, petroleum products and raw materials and machinery sectors.

Consequently, the nation’s naira appreciated across segments of foreign exchange market.

At the investors and exporters forex window, naira gained slightly by 0.01 percent to close at N361.07k per dollar on Thursday from N361.10k/$, data from FMDQ show.

The local currency was quoted at the rate of N305.85k to the dollar last Thursday as against N305.85/$. Naira strengthened by 0.02 percent to N361.05k per dollar on the same day compared to N361.12k/$ traded the previous day.

The Acting Director, Corporate Communications at the CBN, Isaac Okorafor confirmed the figures and noted thatthe continued intervention were in line with the assurances made by the Governor, Godwin Emefiele, to sustain market liquidity in order to boost production and trade and maintain stability in the forex market.

Speaking further, Okorafor assured that the CBN remained very committed to ensuring that all the sectors continue to enjoy access to the foreign exchange required for the business concerns.

Peace PIAK