CBN injects $280.04m, CNY 28.3m into retail SMIS

The retail Secondary market intervention sales on Friday received a boost of $280.04m from the Central Bank of Nigeria.

It also injected CNY 28.3m in the spot and short-tenored forwards segment of the inter-bank foreign market.

Isaac Okorafor, director, corporate communications department, in a statement, said the latest interventions in the inter-bank foreign exchange market were for requests in the agricultural and raw materials sectors as well as Renminbi-denominated Letters of Credit.
Okorafor expressed satisfaction over the stability of the foreign exchange which according to him, was largely due to sustained intervention by the bank.

He reiterated assurances that the bank’s management would remain committed to ensuring that all the sectors of the forex market continued to enjoy access to the needed foreign exchange.

It recalled that the bank in August, offered authorised dealers in the wholesale segment of the market the sum of $100m, while the small and medium enterprises and the invisibles’ segments each received the sum of $55m.

Meanwhile, $1 exchanged for N358 at the bureau de change segment of the foreign exchange market, while CNY1 exchanged at N46 on Friday.