Forex intervention: CBN injects $280.04m, CNY 28.3m into retail market

The Retail Secondary Market Intervention Sales (SMIS) on Friday received a boost of 280.04 million dollars from the Central Bank of Nigeria (CBN).

The bank’s Director, Corporate Communications Department, Mr Isaac Okorafor, made this known in a statement in Abuja.

Okorafor said CBN also injected CNY 28.3 million in the spot and short tenured forwards segment of the inter-bank foreign market.

He explained that 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.

He expressed satisfaction over the stability of the foreign exchange which, according to him, was largely due to sustained intervention by the bank.

He assured that the the bank would remain committed to ensuring that all the sectors of the forex market continue to enjoy access to the needed foreign exchange.

It was reported that the apex bank had on Tuesday offered authorised dealers in the wholesale segment of the market 100 million dollars, while the Small and Medium Enterprises (SMEs) and the invisibles segments each received the sum of 55 million dollars.

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