The Central Bank of Nigeria (CBN) has injected $304.4 million in the Retail Secondary Market Intervention Sales (SMIS) of the inter-bank Foreign Exchange Market.
This was made known on Friday by the CBN’s Acting Director, Corporate Communications Department, Mr Isaac Okorafor, in a statement in Abuja.
He said the intention of the action of the bank was to boost liquidity, production and trade.
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According to him, the injection of the fund was to promote the interest in the agriculture, airlines, petroleum products, raw materials and machinery sectors.
He said the bank would continue to ensure liquidity in the interbank sector of the market.
Also, it would sustain its interventions in order to drive economic growth and guarantee market stability.
He said there was hope that the Nigerian economy stood to gain immensely from the bank’s foreign exchange management strategy.
He said that could be seen in the accretion to the foreign reserves, which is at present over 40 billion dollars.
