Relentless CBN Pumps $462m Into Forex Market

In line with its aggressive foray into the foreign exchange (forex) market as well as to further enhance forex flow in the economy, the Central Bank of Nigeria (CBN) yesterday intervened in the market with the total sum of $462,336,426.74.

This is coming on the heels of a report by the Chief Economist at Renaissance Capital, Mr. Charles Robertson which expressed concern that policy makers in Nigeria were not ready for the industrialisation of the country.

A breakdown of the forex intervention figures obtained from the bank indicated that the Retail Secondary Market Intervention Sales (SMIS) received the largest allocation of $267,336,426.74.

The CBN also offered $100,000,000 as wholesale interventions, while $50,000,000 was allocated to the small and medium enterprises (SMEs) forex window.


Confirming the figures, the Acting Director of the Corporate Communications Department, Mr. Isaac Okorafor, said the leadership of the CBN was impressed by the positive impact its current forex management was having on the manufacturing sector and economic activities in general across the country.