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Forex: CBN injects $292.34million into retail Secondary Market

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CBN

The Central Bank of Nigeria (CBN) has injected the sum of 292.34million dollars into the retail Secondary Market Intervention Sales (SMIS).

CBN Director, Corporate Communications, Mr Isaac Okorafor made this known in a statement in Abuja on Friday.

Okorafor said that the Bank also intervened with the sum of CNY 22.8million in the spot and short tenored forwards segment of the inter-bank foreign market.

He explained that the dollar-denominated intervention was for requests in the agricultural and raw materials sectors, while the Chinese Yuan was for Renminbi-denominated Letters of Credit.

ALSO READ: Why I stopped CBN from giving out forex for food importation — Buhari

He said that the Bank’s management was satisfied with the performance of naira in the foreign exchange market.

He added that the development would propel the Bank to sustain its intervention in different sectors of the forex market.

News Agency of Nigeria (NAN) reports that the Bank on Tuesday, offered authorised dealers in the wholesale segment of the market the sum of 100million dollars, while the Small and Medium Enterprises (SMEs) and invisible segments received the sum of 55 million dollars each.

NAN reports that N358 was exchanged for a dollar at the Bureau de Change (BDC) segment of the foreign exchange market, while CNY1 exchanged at N46 on Friday.

[NAN]

Vanguard News Nigeria.

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