L
LequteMan
Guest
The Governor of the Central Bank of Nigeria, Mr. Godwin Emefiele recently stated that the apex bank would continue to intervene in the foreign exchange market to ensure the naira remains strong.
“Our reserves stand at above $31bn and that provides us enough of firepower or ammunition to be able to defend the currency, and we will do so with all intensity to ensure that foreign exchange is procured by everybody," he'd said.
In line with this assurance, CBN on Wednesday auctioned the sum of $185.86 million through retail Secondary Market Intervention Sales (SMIS). Out of the $185.86 million only $3.14million was sold as spots, while the sum of $182.72million was sold as forwards.
On Friday, authorised dealers were only able to pick $85.69 million out of the $100 million it offered at Thursday’s FOREX wholesale auction in the inter-bank market.
“Our reserves stand at above $31bn and that provides us enough of firepower or ammunition to be able to defend the currency, and we will do so with all intensity to ensure that foreign exchange is procured by everybody," he'd said.
In line with this assurance, CBN on Wednesday auctioned the sum of $185.86 million through retail Secondary Market Intervention Sales (SMIS). Out of the $185.86 million only $3.14million was sold as spots, while the sum of $182.72million was sold as forwards.
On Friday, authorised dealers were only able to pick $85.69 million out of the $100 million it offered at Thursday’s FOREX wholesale auction in the inter-bank market.
