CBN injects $337.16m, 56.17m CNY into retail Secondary Market Intervention Sales

CBN injects $337.16m, 56.17m CNY into retail Secondary Market Intervention Sales

The Central Bank of Nigeria (CBN) says it injected 337.16 million dollars in the retail Secondary Market Intervention Sales (SMIS) in its first intervention in the inter-bank foreign market for November.

A statement issued in Abuja by the bank’s Director of Corporate Communications, Isaac Okorafor, disclosed that the amount was in addition to 56.17 million Chinese Yuan (CNY) in the spot and short tenured forwards segment of the market.

According to him, the intervention was for requests in the agriculture and raw materials sectors.

READ ALSO: May & Baker targets N50bn turnover by 2023, floats N2.45bn rights issue

He further explained: “the Chinese Yuan, on the other hand, was for Renminbi denominated Letters of Credit.”

Okorafor noted that the market had continued to enjoy stability owing to the regular interventions by the bank, adding that it had also guaranteed stable exchange rate for the Naira.

He assured that the CBN remained committed to ensuring that all the sectors of the forex market continued to enjoy access to the needed foreign exchange.

The CBN had on Tuesday intervened in the wholesale segment of the inter-bank Foreign Exchange Market to the tune of 210 million dollars.

16total visits,10visits today

Leave a Reply

Your email address will not be published.