October 19, 2019

CBN injects $325.5m into retail market

new naira notes

CBN Governor, Godwin Emefiele

The Central Bank of Nigeria (CBN) has injected $325.5million in the Retail Secondary Market Intervention Sales (SMIS) and CNY14million in the spot and short-tenured forwards segment of the inter-bank foreign market.

CBN, livestock, herdsmen

CBN Governor, Godwin Emefiele

The apex bank’s Director of Corporate Communications, Mr. Isaac Okorafor, disclosed this in a statement in Abuja on Friday.

Okorafor said the dollars intervention was for agricultural machinery and industrial raw materials.

He said the Chinese Yuan, on the other hand, was for the Renminbi denominated Letters of Credit.

The CBN spokesman expressed optimism that the stability in the forex market would be sustained.

He assured the genuine foreign exchange users of the commitment of the apex bank towards ensuring adequate liquidity in the market.

He disclosed that the bank on Tuesday offered authorised dealers in the wholesale segment of the market the sum of S100million.

According to him, the Small and Medium Enterprises (SMEs) and the invisible segments received the sum of $55 million each. (NAN)