Nigeria’s Apex Bank Injects $254 million into Retail Sector

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The retail segment of the Nigerian inter-bank Foreign Exchange (FOREX) market received a $254.3 million boost from the Central Bank of Nigeria (CBN).

The acting Director, Corporate Communications at the CBN, Mr. Isaac Okorafor, in a statement explained that the sale was in response to bids received from authorised dealers, on behalf of their customers.

He disclosed that the $254.3 million sold was for companies in the raw materials, agricultural, airline, and petroleum industry.

He recalled that the Bank, at its last intervention in the Retail Secondary Market Intervention Sales (SMIS) on June 23, injected $240 million for spot and forward deals.

He said the apex bank had also intervened with $390 million in the wholesale, SMEs and Invisibles segments of the market on June 28 and July 3, 2017.

Okorafor said the CBN remained very committed to ensuring that all the sectors continue to enjoy access to the foreign exchange required for their business concerns.

Meanwhile, the naira, last week Friday exchanged at an average of N364 to a dollar at the Bureau de Change segment (BDCs) in Abuja, which shows a slight depreciation of N4 compared to the N360 it exchanged for on Thursday, 6th, July 2017.

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