The Sun News

CBN buoys retail SMIs with $262.5m

From Uche Usim, Abuja

The Central Bank of Nigeria (CBN) yesterday disclosed it has released $262.5 million for its first retail Secondary Market Intervention Sales (SMIS) for 2018.

The inter-bank foreign exchange  intervention was contained in a statement released in Abuja yesterday.

The money was in favour of the agricultural, airlines, petroleum products and raw materials and machinery sectors.

The Acting Director in charge of Corporate Communications at the Bank, Mr. Isaac Okorafor stated that the releases were targeted at boosting production and trade in addition to sustaining liquidity in the market.

Meanwhile, the naira exchanged at N359 to a United States dollar on Friday, maintaining its stability in the market.

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