Home BUSINESS BANKING & FINANCE Central Bank Pumps 254.8 Million, CNY 35.8 Million Into Forex Retail SMIS

Central Bank Pumps 254.8 Million, CNY 35.8 Million Into Forex Retail SMIS


The Central Bank of Nigeria (CBN) has again intervened in the retail Secondary Market Intervention Sales (SMIS) with the sum of $254.8 million even as it also injected the sum of CNY 34.8 million in the spot and short-tenored forwards segment of the inter-bank foreign market.

According to the apex bank’s Director, Corporate Communications Department, Isaac Okorafor, the intervention, like in previous sales, was for requests in the agricultural and raw materials sectors.

He said that the Chinese Yuan was for Renminbi-denominated Letters of Credit, adding that the CBN is happy with the performance of the Naira against other major currencies around the globe.

Okorafor said that the stability in the market had continued to attract genuine investors and boost trade even as he assured that the Bank management would be committed to ensuring that all the sectors of the forex market enjoy access to the needed foreign exchange.

Meanwhile, $1, today, Thursday, exchanged forN360 at the Bureau de Change (BDC) segment of the foreign exchange market, while CNY1 exchanged at N55.

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Editorial staff
Editorial Staff at Greenbarge Reporters is member of a team of journalists led by Editor-in-Chief, Yusuf Ozi Usman.