CBN enhances Naira with $482.6m

CBN governor, godwin-emefiele
(Last Updated On: 2017-05-31)


As part of ongoing efforts, the Central Bank of Nigeria (CBN) on Tuesday intervened in the inter-bank market to the tune of $482.6 million.

A statement issued by its Acting Director, Corporate Communications, Isaac Okorafor, in Abuja explained that was part of measures to underline its determination to guard the international value of the naira.

According to Okorafor, breakdown of the intervention indicates that the retail Secondary Market Intervention Sales (SMIS) was allocated $285.7 million, while the $100 million was offered in the Wholesale SMIS auction window.

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

Mr. Okorafor called on respective parties to play their respective roles in ensuring a smooth running of the foreign exchange market for the overall benefit of the economy.

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