CBN Sells $185.8 million To Retail Market, Settles Futures Contract

Nairametrics| The Central Bank of Nigeria (CBN) has sold the sum of $185.86 million in its retail Secondary Market Intervention Sales (SMIS), This Day reports. A breakdown of the sale indicated that $3.14 million were sold as spots while the sum of $182.72million was sold as forwards, reports ThisDay.

Speaking further, the spokesperson of the CBN, Isaac Okarafor, who gave the breakdown, noted that the overall picture of the inter-bank forex market was that of optimism, going by the level of access now being enjoyed by different categories of customers in both the wholesale and retail segments of the market.

Similarly, the CBN settled the 10th Over-the-Counter (OTC) forex Futures Contract at about $965.29 million which matured on the FMDQ OTC Securities Exchange. this was made known on the FMDQ’s website on Tuesday.

With these interventions, the amount of dollars the CBN has sold which was previously estimated to be about $6 billion will now approach the $8 billion mark. However this should not be a worry according to the CBN’s Governor, Godwin Emefiele. According to him, the CBN was ready, for as long as possible, to continue its interventions in the forex market as it was backed by the firepower of the increasing foreign reserves.



Chacha Wabara

Chacha Wabara is a legal practitioner, blogger and fitness coach. She has over 5 years experience in blogging and freelance writing. She has written several articles and research work over the years as a freelance contributor. She joins Nairametrics as Our News and Analysis Lead.

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