CBN Approves $100m for Sale at SMIS

The Central Bank of Nigeria (CBN) has approved the sale of $100 million at the Wholesale Secondary Market Intervention Sales (SMIS) auction it announced on Monday.

The CBN Acting Director, Corporate Communications, Isaac Okorafor, confirmed this yesterday, while disclosing that the sales would be settled this week.

Okorafor reiterated that the CBN would continue to make every necessary intervention in the interbank market to meet all legitimate foreign exchange demands by customers.

The CBN had last Friday sold a total sum of $389million to authorised dealers in the retail sector of the market as spot and forwards. Of the sum, $87.885 was for spot sales, while $300.8 million was sold as forwards in three tenors of 30, 45 and 60 days, respectively.

Meanwhile, the naira closed at an average exchange rate of N390 to one United States dollar on the parallel market yesterday.