CBN injects 268.6m, CNY 29.2m on retail SMIS

The Central Bank of Nigeria (CBN), in its determination to achieve economic growth,, made an intervention of $268.6million in the retail Secondary Market Intervention Sales (SMIS) and CNY 29.2million in the spot and short tenure forwards segment of the inter-bank foreign market.

According to the Director, Corporate Communications Department, Isaac Okorafor, who made the disclosure said that the intervention was for requests in the agricultural and raw materials sectors. The Chinese Yuan, on the other hand, was for Renminbi-denominated letters of credit.

He further expressed satisfaction over the continued stability of the foreign exchange which, according to him, was largely due to sustained intervention by the Bank. He assured that the apex Bank Management would remain committed to ensuring that all the sectors of the forex market continue to enjoy access to the needed foreign exchange.

Meanwhile, $1 exchanged for N361 at the Bureau de Change (BDC) segment of the foreign exchange market, while CNY1 exchanged at N55.