Players in the retail segment of the Nigerian inter-bank foreign exchange market received a $254.3 million boost from the Central Bank of Nigeria on Friday following bids received from forex dealers by the apex Bank.
Information obtained from the CBN on Friday indicated that the deals in the retail window represent requests from the various sectors in the Secondary Market Intervention Sales, thereby providing a boost to the respective sectors.
The Acting Director, Corporate Communications at the CBN, Isaac Okorafor, while confirming the forex sales, explained that it was in response to bids received from authorized dealers on behalf of their customers at the retail auction announced by the CBN on July 5, 2017.
Okorafor disclosed that the $254.3 million sold was for companies in the raw materials, agricultural, airline and petroleum industry.
He recalled that that the Bank, at its last intervention in the Retail Secondary Market Intervention Sales on June 23, 2017, injected a total of $240 million for spot and forward deals, just as it intervened with the total sum of $390 million in the wholesale, SMEs and invisibles segments of the market on June 28 and July 3, 2017.
Speaking further, 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.
FOREX: CBN boosts retail segment with $254.3m
