The Central Bank of Nigeria, CBN, on Friday, July 28, intervened again in the inter-bank Foreign Exchange Market, pumping a total sum of $462,336,426.74.
A breakdown of the forex intervention figures obtained from the bank indicates that the Retail Secondary Market Intervention Sales (SMIS) received the largest allocation of $267,336,426.74.
The apex bank also offered the sum of $100,000,000 as wholesale interventions, while the sum of $50,000,000 was allocated to the Small and Medium Enterprises (SMEs) forex window.
Those requiring foreign exchange for Business/Personal Travel Allowances, tuition and medical fees, among others, got a total allocation of $45,000,000.
Acting Director of the Corporate Communications Department, Mr. Isaac Okorafor, who confirmed figures, said the leadership of the CBN was impressed by the positive impact its current foreign exchange management was having on the manufacturing sector, agriculture and economic activities in general across the country.
According to him, the CBN will continue to ensure proper surveillance of the forex market to guard against any sharp practices by participants and uphold transparency of the process.
