CBN lifts Naira with $482.6m

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The Central Bank of Nigeria (CBN) on Tuesday intervened in the inter-bank market to the tune of 482.6 million dollars in the first trading day after the Democracy Day celebrations.

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

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

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

Okorafor said that the interventions were in line with the Bank’s resolve, echoed…

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About williwash

A writer, a human rights activist, an adventurer and a poet.
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