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Forex Intervention: CBN injects $298.71 million into retail market

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The Central Bank of Nigeria (CBN) says it has made another intervention of $298.71 million in the retail Secondary Market Intervention Sales (SMIS).

The bank’s Director, Corporate Communications Department, Isaac Okorafor, disclosed this in a statement in Abuja on Friday.

He explained that the interventions in U.S. dollars, just as in previous transactions, were to meet requests in the agricultural and raw materials sectors. Mr Okorafor expressed the satisfaction of the bank’s management with the stability in the foreign exchange market, adding that it would continue to make necessary interventions to ensure liquidity in the Nigerian market.

The director urged Nigerians to continue to support the policies of CBN aimed at boosting the production capacity of local industries as well as creating jobs for citizens.

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