CBN vows to sustain intervention in FOREX market

In its avowed determination to ensure ample supply of foreign exchange liquidity in the market, the Central Bank of Nigeria on Friday auctioned $418 million at the retail-SMIS at a marginal rate of N310/$.
Airlines, agriculture, petroleum and raw materials/machineries sub sectors benefitted from the auction.
This was in addition to the $350 million sold as wholesale auction, Basic Travel Allowance, Personal Travel Allowance and school fees during the week.
In the weeks ahead, the CBN said it will sustain its intervention through the sale of foreign exchange to all segments of the market.
This will cover PTA, BTA, Wholesale SMIS, Retail SMIS and the Bureau De Change.
The Bank said it will sell short tenured forwards of seven days to 30 days maturity to meet the demand of manufacturers and all other foreign exchange users.
The CBN said these significant injections of foreign exchange into the market should reassure all foreign exchange users of our determination to continue to meet all legitimate FOREX demand in the market, while striving to achieve exchange rate stability.