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CBN Intervention: Apex Bank injects $339.89m into forex market

CBN Intervention: Apex Bank injects $339.89m into forex market. The Central Bank of Nigeria (CBN) can confirm it has injected  $339.89 million into the forex market to further enhance sustainability of its proposed intervention in the Retail Secondary Market Intervention sales (SMIS).

The apex bank acting director in charge of corporate communication, Mr Isaac Okafor disclosed this, pointing that the intervention was in accordance with the commitment of the CBN governor Mr Godwin Emefiele to improve and sustain liquidity aimed at improving and boosting of local production and markets.

So far the response from the Retail market segment of the country suggests forex market showed the customers were satisfied on the availability of forex and access Mr Okafor confirmed.

Speaking on the recent confirmation of Deputy Governors and Monetary Policy Committee (MPC) by the upper chamber of the National Assembly to further project the bank as well make sound decisions and policies that will benefit the market and the country at large.

It was also stressed that the amount released was meant for agriculture, petroleum products, airlines, raw materials procurement and machinery sectors respectively.

The naira exchange rate was N361/$1 in the BDC market on Friday 23rd , March 2018. It was also note worthy that CBN injected  $210m into the wholesale segment of forex on Friday.

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