CBN boosts retail segment with $306.3m

Players in the retail segment of the Nigerian inter-bank foreign exchange market received a $306.3m boost from the Central Bank of Nigeria (CBN) on Friday, following bids received from forex dealers by the apex Bank.
Information obtained from the CBN on Friday indicates that the deals in the retail window represent requests from the various sectors in the Secondary Market Intervention Sales (SMIS), thereby providing a boost to the respective sectors.
Mr. Isaac Okorafor, the Acting Director, Corporate Communications Department, while responding to media enquiries, revealed that the apex Bank would continue to increase liquidity based on genuine demands in the market to enhance forex stability.
He reminded Nigerians that the CBN has kept faith with its resolve to sustain liquidity in the FOREX market and that the Bank had ensured that pressures on the market were removed by its continuous interventions.
Meanwhile, the naira, on Friday, October 13, 2017, exchanged at an average of N364/$1 in the Bureau de Change segment (BDCs) across major trading points in Lagos, Abuja, Port-Harcourt and Kano.