CBN injects $325.56m, CNY14m into retail SMIS as Naira remains N358/$1

The Central Bank of Nigeria (CBN) on Friday, made an intervention of N117,196.30 trillion ($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.

Isaac Okorafor, Director, Corporate Communications Department made the disclosure in Abuja, stating that the intervention was for agricultural machineries and industrial raw materials.

“The Chinese Yuan, on the other hand, was for Renminbi denominated Letters of Credit.” He added.

Okorafor, however, expressed optimism that the stability in the forex market would be sustained and therefore assured the public, particularly genuine foreign exchange users of the commitment of the apex bank towards ensuring adequate liquidity in the market.

NEWSVERGE recalled that the Apex Bank on Tuesday offered authorized dealers in the wholesale segment of the market the sum of $100million, while the Small and Medium Enterprises (SMEs) and the invisibles segments each received the sum of $55 million.

Meanwhile, $1 exchanged for N358 at the Bureau de Change (BDC) segment of the foreign exchange market, while CNY1 exchanged at N48.