The Central Bank Governor, Mr Godwin Emefiele


The Central Bank of Nigeria (CBN) yesterday injected $186.5million into the invisible and the whole Wholesale Secondary Market Intervention Sales (SMIS) segments of the forex market.

This is made up of $36.5 million in the invisibles, $50 million for Small and Medium Enterprises (SMEs) segments and $100 million in the wholesale segment. The CBN also approved the sale of $100 million at the Wholesale Secondary Market Intervention Sales (SMIS) auction announced on Monday, May 23, 2017.

The CBN Acting Director, Corporate Communications, Isaac Okorafor, who spoke to reporters on the sideline of the MPC briefing confirmed the sales at both the invisible and wholesale segments were settled.

Okorafor reiterated that the CBN will continue to make every necessary intervention in the interbank market to sustain the supply of forex to meet legitimate foreign exchange demands by customers.



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He stated that the efforts of the CBN in sustaining the intervention in the forex market is beginning to post some positive effects, as the Naira is making steady gain against major currencies.

This goes to reaffirms the CBN governor’s pledge at yesterday’s Monetary Policy Committee (MPC) press briefing on the need to sustain the forex intervention to ensure the convergence of the forex rates.

There are strong indications, according to market analysts that the naira is likely to maintain an average exchange rate below N375 to $1 in no distant time.