To ensure stability in the inter-bank foreign exchange market, the Central Bank of Nigeria (CBN) on Friday intervened in the Retail Secondary Market Sales (SMIS) to tune of $334,146,393.84.

The Bank also injected the sum of CNY 52,106,614.35 into the inter-bank forex market.

The Bank’s Director of Corporate Communications, Mr Isaac Okorafor, said the bank would sustain its intervention in the SMIS market in order to ensure adequate liquidity in the market as well as to meet its obligation in the Bi-lateral Currency Swap Agreement with the Peoples’ Bank of China (PBoC).

According to him, the dollar-denominated interventions were to meet forex requests for agricultural and machinery needs, while the Yuan denominated intervention were for spots and short-tenored forwards.

He said that the apex bank’s management was pleased with the performance of the naira against the United States dollar and other major currencies around the world, given the fact that currencies of many other emerging economies were struggling against the US dollar.

In addition, he confirmed that the management expressed satisfaction that the Bank’s intervention had largely eased pressure on the country’s foreign reserve.

Okorafor restated the determination of the CBN to sustain stability in the forex market through continued monitoring of authorised dealers in order to check incidences of sharp practices.

Meanwhile, the Naira maintained its steady exchange rate against major international currencies traded on Friday, exchanging for N361/$1 in the BDC segment of the market.