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CBN intervenes at the Retail Market with 280.04m US Dollars And 28.3m CNY

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The Retail Secondary Market Intervention Sales (SMIS) received a boost of 280.04 million dollars and 28.3 million Chinese Yuan from the Central Bank of Nigeria (CBN) reports Guardian.ng

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

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

He further stated that its the latest interventions in the inter-bank foreign exchange market. The market needed interventions in the agricultural and raw materials sectors as well as Renminbi-denominated Letters of Credit as per the requests received.

He showed his gratitude to CBN’s intervention saying that the stability of the bank has been from the support received from CBN. He also assured that the bank will be committed to offering favourable environment at the Forex Market.

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

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

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