The Naira maintained stability on Friday as the Central Bank of Nigeria (CBN) injected 262.5 million in its first retail Secondary Market Intervention Sales (SMIS) for the year under the inter-bank Foreign Exchange Market.
According to data published by the CBN onFriday, the amount was in favour of the agricultural, airlines, petroleum products and raw materials and machinery sectors.
Confirming the figures, the Acting Director, Corporate Communications at the Bank, Mr. Isaac Okorafor, noted that themoney injected was targeted at boosting production and trade in addition to sustaining liquidity in the market.
According to him, the CBN would not relent inits resolve to make the inter-bank forex market liquid, stressing that the Bank was committed to driving economic growthand guaranteeing stability in the market.
Okorafor also reiterated that the bank’s intervention had effectively checked the activities of speculators, assuring that the CBN would continue to monitor, thoroughly, the activities of authorised dealers in order to checkmate possible sharp practices.
Meanwhile, the Naira exchanged at N359 to a United States dollar on January 12, maintaining its stability in the market.