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CBN lifts naira again with $482.6 million

By Mathias Okwe, Abuja   |   31 May 2017   |   4:02 am

CBN building

The Central Bank of Nigeria (CBN) yesterday intervened in the inter-bank market to the tune of $482.6 million, underlining its determination to guard the international value of the naira.

A breakdown of Tuesday’s interventions indicates that the Retail SMIS was allocated $285,779,350, while $100 million was offered in the Wholesale SMIS auction window.

The Small, Medium and Enterprises (SMEs) window got an allocation of $52 million, while the invisibles segment, comprising Basic Travel Allowance (BTA), Personal Travel Allowance, medicals and tuition fees, among others, was allocated $45 million.

According to the Acting Director, Corporate Communications at the CBN, Isaac Okorafor, the interventions are in line with the CBN’s resolve, echoed by the Governor, Godwin Emefiele, at last week’s briefing of the Monetary Policy Committee (MPC) meeting.

While expressing pleasure that the intervention of the bank had ensured stability across all segments of the forex market, Okorafor said its objective of exchange rate convergence would be achieved soon.

He therefore reiterated his call to all stakeholders to play their respective roles in ensuring a smooth running of the foreign exchange market for the overall benefit of the economy.

Meanwhile, surveys in Abuja, Lagos, Kano and Port Harcourt yesterday, indicated that the dollar traded to the naira at an average rate of N375/$1.




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