The Central Bank of Nigeria (CBN) has on Friday injected $280.04 into the Retail Secondary Market Intervention Sales (SMIS) to boost activities in the segment of the market.
The latest interventions in the inter-bank foreign exchange market, which were announced on Friday, by the CBN Director, Corporate Communications Department, Mr. Isaac Okorafor,
said that the apex bank also injected the sum of CNY 28.3 million into the spot and short tenored forwards segment of the inter-bank foreign market.
Okorafor said that the funds 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 CBN.
Okorafor reiterated assurances that the CBN’s management would remain committed to ensuring that all the sectors of the forex market continue to enjoy access to the needed foreign exchange.
It will be recalled that the CBN on Tuesday, August 6, offered authorized dealers in the wholesale segment of the market the sum of $100 million, 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 N46 on Friday, August 9, 2019.
GIK/APA