Forex: We will sustain intervention – CBN

The Central Bank Nigeria (CBN) has said it will continue to make foreign exchange supply available.

This assurance was given in a statement issued by the bank’s Acting-Director for Corporate Communications, Isaac Okorafor, on Monday

According to him, the apex bank will sell short tenured forwards of 7-30-day maturity to meet demand of manufacturers and all other foreign exchange users.

The statement reads in part: “In the weeks ahead the CBN will sustain its intervention through the sale of foreign exchange to all segments of the market i.e. PTA/BTA, Wholesale SMIS, Retail SMIS and the BDC.

“These significant injections of foreign exchange into the market should reassure all foreign exchange users of our determination to continue to meet all legitimate FX demand in the market while striving to achieve exchange rate stability in the market,”

Last Friday, the CBN auctioned $418 million at the retail-SMIS at a marginal rate of N310/$ for the airline, agriculture, petroleum and raw materials/machineries sub sectors.

This was in addition to the sum of $350 million sold as wholesale auction, BTA/PTA, and school fees during the week.

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