CBN injects $268.4m, CNY 46.3m into Retail Secondary Market Sales
The Central Bank of Nigeria (CBN) on Friday injected $268.4 million in the retail Secondary Market Intervention Sales (SMIS) and CNY 46.3 million in the spot and short tenured forwards segment of the inter-bank foreign market.
This prompt intervention was revealed by the Director, Corporate Communications Department, Central Bank of Nigeria, Isaac Okorafor.
Okorafor noted that the intervention is mainly for requests in the agricultural and raw materials sectors, while the Chinese Yuan was for Renminbi denominated Letters of Credit.
He further made known his satisfaction over the stability of Naira in the foreign exchange. Okoroafor believes that the stability has happened due to the sustained intervention by the apex Bank.
At the Bureau de Change (BDC) segment of the foreign exchange market, CNY1 exchanged at N54, while a dollar exchanged for N360.
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