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Retail SMIS Segment Gets Fresh $293m Allocation from CBN

By Dipo Olowookere

Last Friday, the Central Bank of Nigeria (CBN) released the sum of $293 million into the Retail Secondary Market (SMIS) segment of the inter-bank foreign exchange market.

This was to support the local currency at the forex market segment and also boost liquidity.

This was confirmed by a statement issued by the CBN Acting Director, Corporate Communications Department, Mr Isaac Okorafor, who emphasised that the $293 million was pumped into the market to ensure liquidity in the foreign exchange market and enhance production activities.

He said the apex bank will continue to ensure liquidity in the interbank sector of the market as well as sustain its interventions in order to drive economic growth and guarantee market stability.

Friday’s intervention is to support those in need of forex in the agricultural, airlines, petroleum products, raw materials and machinery sectors.

The central bank regularly releases Dollars to the interbank sector to support the Naira, which has been relatively stable at the forex market.

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Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan.

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